October 17, 2017

2011 Treating Stocks Kindly So Far

stock market 2011

The market had a strong showing for the first trading day of 2011 thanks to positive reports from a couple of sectors

A new year signals a fresh start for many with resolutions, goals and plans to improve one’s life. The stock market appears to be taking a slice out of the improvement pie as the Dow closed the day at it’s highest in two years, on Monday.

Partly responsible were the positive outlooks fueled by construction data and manufacturing data. This led market wide optimism about the overall economy.

The Dow Jones Industrial average (INDU) ended up at 11,670.8, which is up 0.8% or 93 points on the day. The last time it was at this level was August 2008. In addition, other indexes fared well. The Nasdaq (COMP) was up 39 points on the day, along with the S&P 500 (SPX) which closed 14 points higher.

The strong year opening is welcome news for investors after a rather rocky year. Friday resulted in a weak showing to close the year out. All three major indexes turned out double digit gains for the year though. This along with the good reports hitting the wires today helped fuel investors’ overall bullish outlook on the first month of the new year.

Bank of America (BAC) led the charge in blue chip stocks, bringing other financial stocks with it. The bank announced a settlement involving mortgages with Fannie Mae and Freddie Mac to the tune of $3 billion. This caused shares of it’s stock to rise 6%.