Saturday, January 26, 2013

Big Wall Street Gains 'Psychologically Important'

Posted By on Sat, Jan 26, 2013 at 1:00 PM

Too many Americans remain jobless and too few first-time homebuyers are securing a place to live, but Jan. 25's news from Wall Street gave new hope to 401K account-holders.

Standard & Poor's 500 closed above 1,500 for the first time in five years, as Wall Street enjoyed the index's eighth straight day of gains. The Dow Jones industrial Average closed up 46 points at 13,825 and the Nasdaq closed 19 points higher. The last time the S&P closed above 1,500 was in December 2007. The market gains come after strong quarterly earnings reports from Starbucks and Procter & Gamble.

CBS Marketwatch reported that the numbers were "psychologically important" and could bring some investors back into the market.

“A lot of folks still on the sidelines from 2007 thinking the world is coming to an end may reconsider equities," said Art Hogan, market strategist at Lazard Capital Markets. “It’s one of the infrequent times that Wall Street news makes the Main Street media in a positive fashion.”

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