NYSE continues into uncharted waters

The Dow's up 108, to new interday highs over 12,100. Oct. 23 (Bloomberg) -- U.S. stocks rose, extending October's record-breaking rally, as falling oil prices bolstered speculation that consumer spending will sustain the economy. Wal-Mart Stores Inc., the world's largest retailer, jumped after saying it will slow new spending on stores, relieving concern that it's growing too fast. Wm. Wrigley Jr. Co., the world's largest chewing-gum maker, had its biggest jump in almost three decades after naming former Nike Chief Executive Officer William Perez to head the company. Stocks gained as earnings from Hasbro Inc., Xerox Corp. and Halliburton Co. exceeded analysts' estimates. Confidence that the Federal Reserve will leave interest rates unchanged this week for the third consecutive time also supported the markets. [...]Amid evidence of a slowdown, third-quarter earnings have been a positive for the market. As of today, 167 members of the S&P 500 have reported financial results for the third quarter, with 73 percent topping analysts' estimates. That's more than the 57 percent average since 1992, according to data compiled by Bloomberg. Only blackeyes on the market data is Ford's $5.8 billion loss and new data suggesting the Fed's not as confortable with rates where they're at... Still 73% of companies reporting earnings greater than forecast is a great sign for the economy.

Budget deficit cut... again...

We're still in a deficit and the numbers show a spending increase. Fortunately that was offset by huge revenue increases... Oct. 11 (Bloomberg) -- The U.S. recorded a budget deficit of $248 billion in the fiscal year ended Sept. 30, $48 billion less than the government predicted in August and the narrowest spending gap since 2002. Revenue increased 12 percent from the previous fiscal year, led by a 27 percent gain in corporate income taxes, the Treasury said today in Washington. Spending rose 7.4 percent to a record $2.65 trillion. The deficit is likely to widen again in the fiscal year that began this month as economic growth slows. For all of 2007, the economy will probably grow 2.6 percent after expanding 3.3 percent this year, according to the median estimate of 82 economists in a Bloomberg News survey completed yesterday. It would be the weakest performance since 2003, when the economy was starting to regain momentum following the 2001 recession. Bush has called his strategy pro-growth, and despite the economic slowdown the economy is still on the black as far as quantatative growth. In fact Wall Street is now predicting that the Fed will start decreasing rates by June to help boost the economy and spur more growth. And regardless of what numbers you use (projected or actual), Bush has slashed the deficit, and a war-time deficit at that. And while that should garner him praise (and it won't), we should also implore him and Congress as well to not get too carried away patting themselves on their backs just yet. A deficit is still a deficit, and with the projected economic slowdown over the next 6 months, we can't allow for another spending increase. Cut the fat, Dubya. Tell Congress to stop the pork. There's going to be less revenue coming in so we need less spending as well if we want that deficit to keep shrinking.

Dow Jones ends up 9 in another record close

But again this is economy somehow got very little consumer confidence... People your home values can't always increase 10% in a year... There's more to the economy than you home's equity, alright? NEW YORK (AP) -- The Dow Jones industrial average set its fourth record close in two weeks Tuesday, finishing less than a point above its previous closing high. After a lackluster day of trading, broader indexes also rose slightly, putting the Standard & Poor's 500 back near its 5 1/2 year highs. Just another notch on the belt of the world's largest economy...