Dow, S&P 500 Finish At All-Time Closing Highs (17,959.44/ 2,078.54)

[big_dog]

Source: USA Today

Despite plunging oil and gas prices, stocks soared on Monday with the S&P 500 and the Dow Jones Industrial Average hitting new record closing highs.

The Dow Jones Industrial Average closed up 0.8% to 17,959.44, while the S&P 500 ended the day 0.3% higher to 2,078.54, which is a point or so above its record close of 2075.37 set Dec. 5.

The Dow's previous record was a finish of 17,958.79 set the same day.

The Nasdaq Composite of tech stocks closed up 0.3 percent to 4,7842, below its previous closing high of 4,180.86. Last week, the Federal Reserve hinted that it's still on track to raise interest rates next year, a signal that the economy is strong despite plunging energy prices, which have punished the Russian ruble.

Read more: http://www.usatoday.com/story/money/markets/2014/12/22/stocks-monday/20752979/

[ananda]

1. I hope this will help some people's pension funds ...

... after what Congress did.

[DesMoinesDem]

2. How big can the Fed pump this bubble before it crashes once again?

[Wellstone ruled]

3. And we break the 18,000 tomorrow,

Someone will buy one share of IBM at some ridiculous price just to juice the numbers.

[Fred Sanders]

4. Thanks Obama, what next, plunging gas prices and unemployment and a soaring economy?

[NYC_SKP]

8. Or falling gun crime rates and safer communities?

"Thanks, Obama!"

[big_dog]

9. gas will bottom out around $50, further crushing the ruble all over the world

dang that Obama and his long gas lines! (for 1.99 petrol in OKC)

[Fred Sanders]

10. You can bet the Blame Obama media would be out in full force demanding Obama do something if

they rose....wait for it.

Progressives need to stick together in support of all progressive issues and our President.

[doc03]

5. I remember back in the day Rush Limbaugh was saying that every time Obama spoke the Dow

dropped so many points for each word. What do you say now El Rushbo?

[Elmer S. E. Dump]

6. A rhetorical question, of course.

[lsewpershad]

7. Ha ha

It's Obama's fault.

[jtuck004]

11. 10 million people dropped into poverty during this administration. They and their children

will be there long after it is over.

This stock market number is being propped up by keeping them there, keeping the "deficit" down by denying opportunity to them and tens of millions of others. That's the real deficit.

" punished the Russian ruble." ? > Think of how it is punishing working Americans.

Tthink it will help most folks with pensions? No sir.

...
At the other end of society, elderly people are the most unequal group among us. Even though almost all the new wealth from 1989 to 2007 went to people 55 and older, almost half of retirees report less than $10,000 in savings.
...

Here. The money is going mostly to the wealthy. The rentiers and their lap dogs throw a few bones, keep the steaks and roasts for themselves, and hope enough ignorance is out there so that people will find a silver lining.

Happy Holidays, and I wish you peace, especially to those that can afford it. Maybe you could afford at least a little appreciation for the fact that your home value is propped up on the backs of the 7 million families tossed into the street in the bankster foreclosure of the past few years, or the millions who are underwater today.

For the rest, and their kids, I hope you at least get a sandwich.

[StoneCarver]

13. jtuck, I'm sorry but you are right.

You have held a mirror up to us, and we've seen ourselves. Thank you! I wish I could help more people.

[Major Hogwash]

14. I'll bet you're a lot of fun at Christmas parties.

Good thing the day's are getting longer, huh?

[jtuck004]

15. I'm a fuckin' hoot. As long as people aren't taking advantage of others and pretending otherwise.n/t

[progree]

12. It was better under GW Bush when the stock market went down 37%, I guess

# Using the last closing before inauguration (G.W. Bush inaugurated noon Jan 20, 2001, Obama at noon, Jan 20, 2009)
. . # When Clinton left office and G.W. Bush took office, the S&P 500 index was at 1343.
. . # When G.W. Bush left office and Obama took office, the S&P 500 index was at 850.
. . # Thus under G.W. Bush, the S&P 500 index dropped 37%, from 1343 to 850. While under Obama, it rose from 850 to 2079 as of today's close, up 145% (a doubling plus an additional 45%, or nearly 2.45 X). (Total returns - which includes dividends - are higher than the index gains by about 2% / year).

Judging from some of the reactions, G.W. Bush's record was better -- for some people the financial markets have been nothing but a bubble since they began in the middle ages, and every drop is a chance to say, "I told you so", and every rise a bitter-sweet chance to lecture us about coming doom and gloom.

For example, the plain vanilla S&P 500 index fund -- not some hot stock-picker fund, just one designed to match the S&P 500 as closely as possible (which represents approximately 75% of U.S. stocks by market capitalization, the other 25% on average have done even better)

http://www.thestreet.com/quote/VFINX.html

Since inception 8/31/76: 11.03% average annualized total return, last update: 12/19/14

So in the 38.308 years between 8/31/76 and 12/19/14, the S&P 500 index fund has had a 11.03% average annualized return (this is after expenses)

Which means it grew by 1.1103^38.308 = 55.04 fold ("^" is exponentiation) (equivalent to a doubling every 6.62 years)

Meaning $1,000 invested in the fund back then would be worth $55,040 now (and again that is after expenses).

Unfortunately, I listened to the "smart" people and had most of my money in bonds for most of those years.

[GOLGO 13]

16. Go-Go Obama Powah!!!!

My 401k has a generous swelling of pride! All glory to Obama!