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The positive trending that kicked off the day continued into the afternoon and sent U.S. stocks soaring as the Dow hits the 12,000 mark. The S&P makes gains topping 1,300 for the first time since September of 2008. Investors confidence is boosted by solid corporate earnings reports and a surprisingly strong manufacturing report that continue to drive the market up. The Nation’s automakers, including GM, Ford and Chrysler , all reported strong sales figures that matched or exceeded expectations. The unrest in Egypt that sparked fear in investors at the start of the week has begun to settle. Investors realize that the issues in Egypt remain far from being resolved. Most recently Standard & Poor’s announced, in addition to downgrading Egypt’s debt, it has also cut it’s foreign currency rating. As issues in Egypt continue to progress, investors have been able to turn their focus,at least for now, to the U.S. The unrest in Egypt and the not so distant financial struggles that erupted in Europe are a reminder that risks are always at hand. At close the major market indexes continue to trend in the green. Dow gained 148.23 points or 1.25% to 12040.16. Nasdaq increased by 51.11 points or 1.89% to 2751.19. S&P 500 rose 21.47 points or 1.67% to 1307.59. The U.S. Treasuries gained 0.06 to 3.44%. Oil dropped 1.58 to $90.60 a barrel. The U.S. dollar lost 0.0079 to the Euro at $1.38. Author: Pamela Frost
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