DJI Top 11,500

Stocks were sent soaring today, with the DJI hitting a 6 year high.
Stocks climbed Friday as a new report showing moderating job growth reinforced Wall Street's hopes that the Federal Reserve may soon end its series of interest rate hikes.

Investors were upbeat about a substantial drop in employment growth after the Labor Department said U.S. employers added just 138,000 jobs in April, far less than estimates for a 200,000 gain. The unemployment rate held steady at 4.7 percent.

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Cooling oil prices also helped stocks to their gains, although some believe higher gasoline prices will pressure consumer spending and keep the economy from overheating. The Fed has said future rate hikes will depend on inflation data.
In other words, the Bush economic plan keeps plugging right along and people's 401(k)'s keep getting fatter. Still, Democrats are sure to criticize it as putting a major squeeze on middle class families or that only millionares are benefitting from the great economy.

Let's hope that the President and his team get outside the Beltway and let people know what's happening. I'd especially tout the part about 401's getting fatter on a weekly basis because people like knowing that their retirement is secure.


Posted Friday, May 5, 2006 9:32 AM

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