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Dow Jones reached 6 month high mark above 9,000 points. Major indexes follow as well following released data on the home sales. The National Association of Realtors released home sale data, indicating home sales up at 4.89 million and 4.84 were expected.
Several analysts point out that Dow Jones 9000 mark reflects Ford Motor Co. released second quarter profits of 2.3 billion, Hershey and Phillip Morris International Inc released forecasts higher than expected. This is indicate move by serious companies to shift their targets on the uprising demand.
Couple rival acquisitions brought good spirit to the Wall Street and sent Dow Jones up, Bristol Mayers Squibb Co purchasing Medarex Inc and Amazon.com buying Zappos.com. Overall everyone is attribute improvement to Ford performance.
Many point out psychological factor by reaching mark Dow Jones 9000. Investors pass this mark with cautions expectation and at this point we could see trail of those who would change their expectation. Once point is reached it is more statistical issue. For other who are behind humble expectations will turn as punishment.
There still is a way to improve and surpass Dow Jones 9000 mark , it will take strong sales report and quarterly results and overall market confidence. As of right know it my go down on the happy note but it shows heathy sign of stock market imporvement. The bonds were underperformed and leave investors expectations low.
Other world indexes were showing little improvement on the Dow Jones gain news. Some were closed high and giving hope to the next trading day. Let's hope for that bell sound on the Wall Street for the next couple of days.
Vladimir Dubchak
Financial Analyst
Posted July 23rd, 2009 by vladdubchak
