It's horrible when saying that we've managed to recover all the losses and are basically break-even is considered good news. But that's where we are at with the S&P 500, as of today.
In fact, despite the horrendous recession and economy, and despite the huge hits 401K plans, IRAs and mutual funds have taken, all it not (too) bad in the stock market for 2009.
The S&P 500, the market barometer preferred by professional investors, is now up 0.4% for 2009. The Dow Jones industrial average jumped 214 points but is still down 4% for the year. Meanwhile, the tech-heavy NASDAQ is up 11.8% in 2009.
What triggered the latest rally? Two items: the National Association of Realtors said its index of pending sales for existing homes rose 3.2% to 84.6, well above the 82.1 expected by economists. It was also the second month of gains after the index hit a record low in January.
Meanwhile, the Commerce Department said construction spending rose 0.3%, which sounds bleh, but economists surveyed by Thomson Reuters had expected spending to drop 1.5%.
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