stock market

[Guest guest]

dear vyas & friends:

 

can anyone comment on the factors that helped the Dow Jones industrial average to rise to the highest lever ever on Tuesday afternoon?

 

(see article posted below my signature.)

 

in a general chart for the day, Venus, Sun and Mars are ruled by Mercury, which is considered weak, due to the debilitation of its dispositor, Venus.

 

Jupiter and Mercury are also ruled by the debilitated Venus.

 

Both Moon and Saturn are in old age, so in essence, all seven of the planets are weak on some account.

 

Maybe dear Vyas can make some comment on this situation as he is well versed in the financial markets.

 

thank you,

 

David Hawthorne

 

 

 

 

 

 

Dow: Welcome to record land

Blue-chip indicator hits highest intraday point ever as decline in oil prices proves to be the catalyst.

By Alexandra Twin, CNNMoney.com senior writer

October 3 2006: 12:59 PM EDT

 

NEW YORK (CNNMoney.com) -- The Dow Jones industrial average rose to its highest level ever Tuesday afternoon, taking out the record trading high hit in January 2000 before stepping back a little, as investors scooped up a variety of shares amid slumping oil prices.

The Dow industrials (up 73.08 to 11,743.43, Charts) added 0.6 percent roughly 3 hours into the session and took out its all-time trading high of 11,750.28 hit on Jan. 14, 2000. The Dow reached as high as 11,754.55 before easing.

 

 

 

 

 

 

 

 

 

 

The blue-chip indicator remained above its record trading high of 11,722.98, also hit on Jan. 14, 2000.

The S & P 500 (up 5.16 to 1,336.48, Charts) index added 0.4 percent Tuesday and flirted with a fresh 5-1/2 year high. The broad index topped out at a 5-1/2 year high last Thursday and has struggled since then.

The Nasdaq composite (up 9.31 to 2,246.91, Charts) added 0.5 percent.

A selloff in tech and commodities stocks weighed on the Nasdaq throughout the morning, keeping the broader market in check.

But the tone improved near midday, with investors betting that the steep decline in oil prices means that inflationary pressures are diminishing and the economy is likely headed for a slowdown, not a recession, as has been feared.

"The catalyst today is falling oil prices," said Peter Cardillo, chief market analyst at S.W. Bach & Co. "Oil under $60 a barrel today is giving the Dow ammunition to make another try for those record highs."

U.S. light crude oil for November delivery fell $1.81 to $59.22 a barrel on the New York Mercantile Exchange, after falling as low as $58.84 earlier.

That was good news for most sectors of the stock market, with 24 out of 30 Dow issues rising. Gainers included aerospace issues such as Boeing (up $1.94 to $81.91, Charts) and Honeywell (up $0.66 to $42.01, Charts) and bank stocks such as JP Morgan (up $0.62 to $47.49, Charts) and Citigroup (up $0.66 to $50.15, Charts).

However, the plunge in oil prices was bad news for oil stocks, which slumped. Exxon Mobil (down $0.88 to $66.12, Charts) and Valero Energy (down $1.57 to $49.38, Charts) were among the stocks dragging down the Amex Oil (down 20.87 to 1,053.09, Charts) index.

COMEX gold for December delivery fell $16 to $587.30 an ounce.

That sparked a selloff in gold stocks, with the Amex Gold Bugs (down $13.23 to $289.64, Charts) index losing 4 percent.

Among other movers, Marvell Technology (down $2.71 to $16.38, Charts) shares plunged 13 percent in active trade after saying late Monday that it will restate financial results going back to its initial public offering in 2000, due to misdated stock options. The chipmaker also warned that third-quarter sales will be down 10 percent from the previous quarter, due to weaker demand from disk-drive makers.

Market breadth turned positive. On the New York Stock Exchange, losers beat winners 9 to 7 as 850 million shares changed hands. On the Nasdaq, advancers edged decliners by a narrow margin on volume of 1.04 billion shares.

Last week, the major gauges finished out the best third quarter since 1997. The S & P 500 rose just short of 5 percent in the third quarter, while the Dow gained 4.5 percent. The Nasdaq gained 3.8 percent.

Treasury prices inched lower. The yield on the 10-year note stood at 4.62 percent, up from around 4.60 percent late Monday. Treasury prices and yields move in opposite directions.