The DOW closed at its highest in a year, as the market had its best week in the past 2 months, and snapping a two week losing streak.
For the week, the DOW was up 4%, with the Nasdaq and S&P both up an impressive 4.5%.
We got a couple pieces of good news today. The Commerce Department noted that the trade deficit fell by 3.6%, and we also got news that first time jobless claims fell last week to their lowest levels since January.
Major stocks hitting new 52 week highs were: Cisco Systems (CSCO), International Business Machines (IBM), Brocade (BRCD), Target (TGT), Schering Plough (SGP) and Pier One (PIR).
Today also marks the two year anniversary of the DOW’s all-time closing high of 14,165 on Oct. 9, 2007.
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