Wall Street Continues Momentum Tuesday
February 27, 2008
(Long Island, N.Y.) Despite meteoric oil price increases in the New York Mercantile Exchange, Wall Street prevented losses after a slow start in the day’s trading to sustain its three day momentum and keep optimism high in the market in spite of recession and inflation threats to the US economy.
The Dow Jones Industrial gained 114.70 points for a 0.91 percent change from previous day trading to end with 12684.92 points. Broader indexes and composites NASDAQ and Standard & Poor 500 remained unchanged in points for the day.
Wall Street’s increase was fueled by IBM’s announcement of a proposed $15 Billion stock buyback which gave hope to investors and proved that some companies still possess the ability to spend heavily despite a savage torn market. IBM’s news was a fresh injection of optimistic help after negative economic figures trickled down Wall Street from the Labor Department of a higher than expected core wholesale prices in the US and the waning confidence of consumer to spend.
“The market is kind of overcoming negative news, which is potentially a next step toward higher prices,” said Ryan Detrick, senior technical strategist at Schaeffer’s Investment Research. “At least in the short-term, it’s a nice change here.”
Other key factors which negated the negative effects of Labor Department’s announcement came from retailers such as Target Inc. which announced a higher than expected fourth quarter profits. Rite Aid also expressed a jump in its quarterly report as its shares per stock rose 17 cents, or 6.5 percent, to $2.78. Another company on an upswing is RadioShack Corp. which had a better fourth quarter earnings report than predicted earlier by market experts.
At the New York Mercantile Exchange, Oil Prices recorded a new all-time high as it concluded the day trading at $101.70 a barrel which surpasses the record set earlier this month at $100.10 a barrel which was the first time Oil Prices finished a day above the $100 mark.
Posted by News LI Editor · Filed Under Money
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