Gary's Blog

Thursday, January 7, 2010

Stock Rally Suggests Strong Year

The stock market posted robust gains on the first trading day of 2010. That was a result of a very encouraging report on manufacturing activity released Monday. The Institute for Supply Management, a trade group of purchasing executives, said its manufacturing index read 55.9 in December after a 53.6 in November. A reading above 50 indicates growth.

What is interesting is when the S and P index rises over 1% on the first day of the year, 86% of the time it finishes the year higher. The Standard and Poor's index rose 1.6% on Monday.

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