The Dow just misses an 11,000 mark that hasn’t been reached since September of 2008, while Massey Energy is involved in a Tragic Explosion Leaving many Dead. For More information regarding the Latest Stock Market & World News make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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The market was lifted by the financial sector which got positive recommendations from several brokers. Also minutes from the Federal Reserve meeting eased trader concerns over a near term interest rate hikes.
Today Tuesday April 6th is only the 4th losing session since March. The last time the DOW closed at 11,000 was September 2008. On Monday, the Dow came within 12 points of reaching the psychological milestone of 11,000 for the first time since September 2008, before the credit crisis peaked. The afternoon advance Tuesday put 11,000 within striking distance.
Trading remained subdued. Shares of regional banks rose following upbeat comments from analysts. Tech stocks fell after business Software Company CA Inc. said earnings for the year will come in at the lower end of its forecast. CA also said it would cut 1,000 jobs, or about 8 percent of its work force.
Shares of Massey Energy Co. fell more than 10 percent after an underground explosion Monday afternoon blamed on methane gas killed 25 coal miners about 30 miles south of Charleston, W.Va. Four others were missing Tuesday following the explosion about 1.5 miles from the entrance to Massey's Upper Big Branch mine. It was the worst U.S. mining disaster since 1984.
Most trading was quiet. The stock market has been rising for 13 months but has made steadier advances since February following reports that signal the economy is slowly improving. There have been few pauses during the recent gains that have seen the Dow rise in each of the past five weeks, its longest winning streak since mid-April last year.
"You've got kind of firm legs under the economic rebound which makes firmer legs under the stock market's rebound," said Jason D. Pride, direct or investment strategy at Glenmede in Philadelphia.
In the final half-hour of trading, the Dow fell 5.14, or less than 0.1 percent, to 10,968.41. The Standard & Poor's 500 index rose 1.96, or 0.2 percent, to 1,189.40. The Nasdaq composite index rose 8.06, or 0.3 percent, to 2,437.59.
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