The dow jones closed today at 10,471.58 which is the highest point since October, 2, 2008.
The Dow Jones industrial average (INDU) added 127 points, or 1.2%, closing at the highest point since Oct. 2, 2008. The S&P 500 (SPX) index gained 13 points, or 1.2%, and closed just short of a 14-month high. The Nasdaq composite (COMP) rose 31 points, or 1.5%, and remained short of a 14-month high hit a week ago.
All this is despite the fact that Dubai cant pay it debt. Peoples fears have eased in regards to Dubai’s debt.
Bets that Dubai’s debt problems won’t have a major impact on U.S. institutions lifted stocks late Monday and through Tuesday’s session. Stocks also reacted to the day’s better-than-expected economic readings on construction spending and pending home sales.
“The market is treating Dubai like a non-event and continuing to trade on momentum,” said Joe Clark, market analyst at Financial Enhancement Group.
Its amazing how the market is treating Dubai’s debt as if nothing happened.
