Stock Markets set record closing highs


Posted by AzBlueMeanie:

If President Barack Obama is a socialist/communist/marxist (pick one) he is really terrible at it. While long-term unemployment in the wake of the Great Recession has not been substantially reduced — the Bureau of Labor Statistic's U-6 long-term unemployment measure declined from 13.9% in November 2012 to 13.2% in November 2013, thanks largely to the GOP budget sequester and austerity economics — the investor class, i.e., The Predator Class, has not only recovered from the Great Recession but it was a Champagne year's end for Wall St as stocks set record closing highs:

Stocks closed 2013 at record highs on Tuesday, with the S&P 500 posting its largest annual jump in 16 years and the Dow its biggest gain in 18, after positive reports on consumer confidence and housing boosted sentiment on the final trading day of the year.

"It's been a great year, if you look at it from what the prevailing sentiment was at the beginning of the year, it has surpassed even the most bullish of predictions. It's the type of year you want to savor, there's been a nice wealth effect that has warmed people's portfolios," said Matthew Kaufler, portfolio manager at Federated Investors.

"Between the rise in the markets as well as the rebound in housing prices, this year went a long way in repairing consumer balance sheets," he added.

Up 26.5 percent for the year, the Dow Jones Industrial Average finished the year at another closing high — up 72 points to 16,576.66 — its 52nd for 2013.

Tallying its fourth monthly advance, and up 29.6 percent for the year, the S&P 500 also advanced to an all-time finish of 1,848.36, with energy the best performing and telecommunications the hardest hit among its 10 major sectors.

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The Nasdaq rose 22 points to 4,176.39, for a yearly advance of 38.2 percent, its best year since 2009.

It's a wonder why the investor class, i.e., the predator class, is so anti-Obama. They are the principal beneficiaries of an economy that has left so many Americans behind. Ingrates!

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AZ BlueMeanie
The Blue Meanie is an Arizona citizen who wishes, for professional reasons, to remain anonymous when blogging about politics. Armed with a deep knowledge of the law, politics and public policy, as well as pen filled with all the colors stolen from Pepperland, the Blue Meanie’s mission is to pursue and prosecute the hypocrites, liars, and fools of politics and the media – which, in practical terms, is nearly all of them. Don’t even try to unmask him or he’ll seal you in a music-proof bubble and rendition you to Pepperland for a good face-stomping. Read blog posts by the infamous and prolific AZ Blue Meanie here.