Major indexes poised for double-digit gains for the year
December 21st, 2010
07:12 PM ET

Major indexes poised for double-digit gains for the year

A look at highlights from the day's business news headlines:

Stocks end at highest levels in more than two years 
U.S. stocks rose modestly Tuesday but managed to close at their highest levels in more than two years as investors set their sights on 2011.

The Dow Jones industrial average rose 55 points, or 0.5%, led by gains in shares of American Express, Bank of America and JPMorgan Chase. The blue chip index finished at 11,533, its highest level since August 29, 2008.

The S&P 500 added 8 points, or 0.6%, with Adobe and Jabil Circuit among the biggest winners. The broader index closed at its highest level since September 19, 2008.

The tech-heavy Nasdaq gained 18 points, or 0.7%, to reach its highest level since December 28, 2007.

Stocks are up about 5% this month, with the S&P 500 and the Nasdaq posting gains for 13 of the month's 15 trading session so far. All three major indexes are poised for double-digit gains for the year.

Bond investors play the waiting game
Treasury prices moved slightly higher Tuesday as a lack of economic data caused investors to take a wait-and-see approach in advance of the New Year.

"It's a typically thin holiday market," said Kim Rupert, fixed income analyst at Action Economics. "We're just seeing position adjusting."

Earlier Tuesday, the Fed continued its string of government debt purchases, buying $7.8 billion of 6 to 7-year Treasuries. That purchase is expected to be followed by an additional buy of $1-2 billion in inflation protected Treasuries.

The purchases are part of the Fed's larger quantitative easing program in which the central bank plans to buy a total of $600 billion in long-term Treasuries.

- reporters Charles Riley and Hibah Yousuf contributed to this report.

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Filed under: Business • Economy
soundoff (7 Responses)

    time to put all your money back in...that way they can steal it later again.

    December 21, 2010 at 7:44 pm | Report abuse |
  2. phil

    True RUFFNUTT. For over 17 yrs. now, the average wall-street investor has lost money. Placing your money on a Las Vegas casino crap table gives you better odds than that. (if you place it only on the pass-line it's 50/50) This report states that "a lack of economic data caused investors to take a wait-and-see approach." They should be waiting to see if the(not your) Federal Reserve will ever be audited. Isn't it strange that this outfit has never been publicly audited by a public accountant like our banks are? Heck, they won't even let US know how much gold we have in Ft. Knox. What are they hiding?

    December 21, 2010 at 8:18 pm | Report abuse |
  3. Cesar

    Black Jack, Wall Sreet-Same thing, ...Craps!

    December 21, 2010 at 8:31 pm | Report abuse |
  4. Market trades into Abyss

    Litiguous bad high risk. Doom and destruction. Stock market lower. Devils casino plunges. Crash foul sentiment. Terrifying bad odds. Lower valuations. Sued with lawsuits pending. Rampant inflation. Dastardly Geopolitical ramifications.
    Horrible lower bad. Unjustified exuberance.

    December 21, 2010 at 10:40 pm | Report abuse |
  5. mr. Insight

    Told ya so...

    December 22, 2010 at 6:29 am | Report abuse |
  6. Cesar

    @mr. Insight: It sucks to be you.

    December 22, 2010 at 7:22 am | Report abuse |
  7. Alaskan1st

    The bible says gambling is a sin............

    December 23, 2010 at 12:45 am | Report abuse |