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Inside Markets

Switzer Daily
22 June 2009

Wall Street put on another solid day to give the bulls a lot of heart and put the frighteners on the bears and short sellers. A better than expected market reaction to a seven-year Treasury bond issue and some better than expected corporate earnings kept it all positive.

The Dow Jones was up 174 points or 2.25% to 7924.
 
The Nasdaq put on 58 points or 3.8% to 1,587.
 
The S&P 500 rose 19 points or 2.3% to 832.

This latest rise has put the Nasdaq in positive territory for the year, up 0.6%. The Dow is down 9.7% while the S&P 500 is off 7.8%.

A big plus is the fact that US mortgage rates are actually falling and this will help the economic recovery. They are now at a record low of 4.85%.

The Yanks could soon introduce the old uptick rule which limits the assault tactics of short-sellers.

Have a great day,

Peter 

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