Best January for Dow, S&P since '97
Specialists Mark Otto, left, and Christopher Malloy work on the floor of the New York Stock Exchange. Markets clawed back lost ground Tuesday, on hopes that Greece is heading toward a conclusion of debt-reduction talks. (Jan. 30, 2012) Credit: AP
It's the best start for stocks in 15 years.
In what was mostly a slow and steady climb, the Dow Jones industrial average rose 3.4 percent in January, and the Standard & Poor's 500 gained 4.4 percent, the best performances for both indexes to open a year since 1997.
Investors were encouraged by modest but welcome improvement in the U.S. economy, including an 8.5 percent unemployment rate, the lowest in almost three years. Corporate profits didn't wow anyone -- except Apple's -- but they were good enough.
"I don't see anything really glamorous or tremendous about the economy or earnings," said Jerry Harris, chief investment strategist at the brokerage Sterne Agee. "But I think they're very acceptable, and things are grinding along."
An unexpected drop in consumer confidence dragged stocks down on the final day of the month.
The Dow Jones industrial average finished down 20.81 points, or 0.16 percent, at 12,632.91. The broader market fared better. The S&P barely finished in the red, declining 0.60, or 0.05 percent, to 1,312.41. The Nasdaq composite index rose 1.90, or 0.07 percent, to close at 2,813.84. The Nasdaq gained 8 percent for the month, its best January since 2001.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
