2009 New Year Rally

Posted by Kris | Saturday, January 03, 2009 | | 0 comments »

Market Index Charts

NEW YORK, Jan. 2 -- Trading was thin and the economic backdrop was murky, but stocks surged Friday, pushing the Dow Jones industrial average back above 9000 to its highest closing level in two months and offering comfort to traders after a harrowing 2008.

"It feels good to get off to a good start on the first trading day of the year," said Fred Dickson, chief market strategist at the investment firm D.A. Davidson. "Even though all the economic data is discouraging, I think there's a psychological lift to starting off the year on solid footing."

Investors, sensing an opportunity to scoop up stocks at what might prove to be bargain prices, shrugged off data from the Institute for Supply Management showing that manufacturing activity contracted in December to a 28-year low