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(business) Early Stock Market Gains Due to Economic News (from ATSNN)

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posted on Mar, 1 2005 @ 10:48 AM
Stocks gained a boost early Tuesday due to the latest economic news. The Dow Jones industrial average, the NASDAQ composite, and the S&P 500 all experienced overall gains. This occurred after a Monday selloff sparked by worries about inflation. However, the news that sparked Tuesday's early rally was mixed. While construction spending increased, the manufacturing index fell. Other news that sparked the early rally included upgrades of Intel and Johnson & Johnson and a slight fall in oil prices. Also, the U.S. dollar rose in value versus the Euro.
Market breadth was positive. On the New York Stock Exchange, winners beat losers by more than two to one on volume of 300 million shares. On the Nasdaq, advancers topped decliners eight to five on volume of 445 million shares.

U.S. light crude oil for April delivery fell 44 cents to trade at $51.31 a barrel on the New York Mercantile Exchange.

Please visit the link provided for the complete story.

While this is good news, the economy still has not fully recovered from the previous recession. The loss of American manufacturing is due to the removal of trade barriers. I believe we are seeing a shift from an industrial-based economy to a service-oriented economy. Like the shift from an agricultural-based economy to an industrial-based economy experienced during the Industrial Revolution, it will be an uneasy shift.

An early rise in the U.S. dollar versus the euro is good news after the continual decline the dollar has experienced recently. Also, falling oil prices is definitely welcome news. Overall, I believe that the economy will slowly continue to improve; however, the federal government's deficit spending will need to be reigned in before it brings disaster.

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