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Tuesday, 26 October 2010

Dow Closing In On Two-Year High

the Staff, On Tuesday 26 October 2010, 5:08 SGT

Stocks posted moderate gains, but after flirting with a two-year high, the Dow was unable to get over the hump, as stocks lost steam late in the day. With both the Dow and Dow Transports closing in on two-year highs, it could be a nice bullish signal if both indices are able to break out. We remain bullish on the market in the near term, expecting a solid close to the year for stocks.

Stocks rose on the day, with the Dow up 31 points to 11,164. The S&P added 3 points to 1,186, while the Nasdaq gained 11 points to 2,491. Oil rose 83 cents to $82.52 a barrel, while gold climbed $13.80 to $1,338.90 an ounce.

On the economic front, the National Association of Realtors said existing home sales spiked by 10% in September to an annual rate of 4.53 million from a revised 4.12 million in August. Economists had forecast a September rate of 4.25 million, and the gain was the largest in nearly 28 years.

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