Strongest 2Q Start for US Markets in 70 Years
Apr 2nd, 2008 | By Contrarian Profits | Category: Featured, Financial News, Stock Market InvestingUS markets marked the strongest second quarter start since 1938, reports Money Morning.
The rally in financial stocks led the three major indexes to post gains of more than 3%.
At the New York close, the blue-chip Dow Jones Industrial Average Index had posted a gain of 391.96 points (3.20%), to close at 12,654.85. The tech-laden Nasdaq Composite Index increased 82.14 points (3.60%), to reach 2,361.24. And the broader Standard & Poor’s 500 Index rose 47.17 points (3.57%), to hit 1,369.87.
All sectors were up with the financial sector (up 4.47%), the services sector (up 3.29%) and the technology sector (up 3.18%) posting the biggest gains.
In today’s going, stocks edged higher after a shaky start on hopes that Friday’s employment report will bring good news.
The Dow Jones industrial Average rose 21.25 points to 12,673.25, with 17 its 30 components trading lower.
“The stock market is beginning to offer some attractive bargains,” says Chris Mayer.
“Several great mutual funds, long closed to investors, are now open again for new investors. These include the Tweedy Browne Global Value Fund, the Longleaf Partners Fund, the First Eagle Global and Overseas funds, the Third Avenue International Value Fund and the First Pacific Crescent Fund. They’re open because they have more ideas than they have money. They want to buy.
“I’d give these funds a look, because they don’t tend to stay open for long. The opening of these funds, captained by investors with long track records of success, is also an indicator that the smart money is buying.”
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