Welcome Back: Dow Reemerges
June 12, 2009 by Mark Ellis
Filed under Business
It has been a long time in coming, but today marks the day that the Dow Jones Industrial average finally peaks its head out from the sea of red to join us once again in the land of the positive. After gaining all of 28 points, or 0.3 percent, the Dow finished at 8,799.26, above its 2008 close of 8,776.39.
Furthermore, the past fourteen weeks have demonstrated the largest gain within a similar time span since March 1975, with the Dow having risen 33 percent. Also, in the last fourteen weeks, the Dow has risen twelve of these weeks, signaling a general upturn in the economy.
Today, selling was affected by the Iranian presidential race, whose outcome could have a dramatic turn on the economy. For example, if challenger Mir Hossein Moussavi is to actually unseat incumbent Mahmoud Ahmedinejad, the markets would probably move toward recovery.
(Image: Flickr)
