General Financial News
Markets look up on first trading day of 2011
Jan 03, 2011 06:09 PM
Various stock future indexes increased on the first trading day of the new year, signaling to some that brighter days are ahead as the nation continues emerging from an economic recession, according to Bloomberg.
The Dow Jones Industrial Average climbed 14 points while the Standard & Poor 500 increased 0.50 points and the NASDAQ 100 increased 0.75 points and crude oil futures reached their highest prices in 27 months.
"It's a happy start for the market to the new year," Tom Mangan, who assists with investing $2.4 billion as a money manager at James Investment Research Inc. in West-Central Ohio. "The stronger manufacturing numbers complete the pattern from the end of last year with strong economic data, reflecting greater confidence in the economy."
The Fed likely will finalize QE2, the $600 billion quantitative easing program that Fed chief Ben Bernanke announced in November, according to Frederic Mishkin, who was a governor of the Federal Reserve. He said a third round of quantitative easing is unlikely.
"The fact that the economy is stronger right now makes it much less likely we’re going to see a QE3," Mishkin, a Columbia University economist, told Bloomberg.
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