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RUSTON , La - After a strong afternoon rally, the Dow Jones Industrial Average topped 9,000 after a 100 point climb and closing at 9038.
“The much anticipated surge in the US economy expected by many after the war with Iraq seems to have arrived,” said Mike Jones, President/Investment Group, Argent Advisors, Inc.
The market reacted favorably to leading indicators that pointed toward a robust gain the second quarter. All major indexes showed a positive gain. “It boils down to this: no bad news combined with the fact that interest rates are at record lows result in money seeking the market,” Jones said.
The S&P 500 is up 12% for the year following a drop of at least 10% for each of the last three years.
Federal Reserve Chairman Alan Greenspan suggested yesterday that economic growth is poised to accelerate. “If economic growth accelerates then stocks should accelerate as well, “ Jones commented.
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