Friends
Stocks rallied to two and a half year highs as the Dow Jones Industrial Average ended the day up 148 points to close well above the 12,000 level. The S&P 500 closed at 1307 easily surpassing the psychological 1300 barrier. The news out of Egypt was mixed as President Mubarak didn’t exactly step down but made overtures to doing so eventually. We’ll try to absorb all of this in the next few days and report to you on Friday, which by the way, is the day we get news on the unemployment number.
Let’s see if stocks can hold these emotional levels for the next few days. Earnings continue to be very good in general as we come to the close of reporting season. Investors will be turning their attention to other things in the next few weeks beginning with employment this Friday. The domestic story seems to be improving. Will the macro story be the biggest headwind this year? We shall see.
Button up and stay warm.
