Credit Card Review Blog

Wall Street’s Win Streak

Could things finally be looking up on Wall Street? The Dow and S&P 500 both ended up before the Thanksgiving holiday. The Dow and the S&P 500 finished a bit higher for the fifth straight session in a row. This marks one of Wall Street’s best weeks in several months.

The Dow Jones Industrial was up 102 points or 1.2 percent. The average gains for the week finished at 785 points. Although the past week ended well for the Dow, the previous month was not as successful. November lost the 489 for the Dow.

This is the first time the Dow has had significant gains for five consecutive sessions in over a year. The last time this happened was November 17, 2007.

The Nasdaq composite only rose 0.2 percent while the Standard and Poor’s 500 rose 1 percent. The Nasdaq lost 191 points during this past week but gained 151 total during the last month. The S&P 500 finished 96 points up for the week. It is also up 30 points for the month of November.

Things are looking good, especially considering the holiday this week. Wall Street was closed on Thursday because of Thanksgiving and closed at 1:00 p.m. Eastern Time on Friday. Friday was a “lighter” day on Wall Street because so many participants were still on vacation.

Experts thank the recent success on Wall Street to the government’s bailout plan. Abigail Doolittle, the portfolio manager at Johnson Illington Advisors said, “The upward movement has to do with the latest installment of the government’s bailout plan.” Doolittle also suggested that Barack Obama’s nomination held a “psychological benefit” for the entire country.

The U.S. economy wouldn’t be doing as good as it is without the government’s bailout plan. Wall Street is finally beginning to have success after many weeks of complete failure. Lending will soon increase as well as consumer confidence. Things are definitely looking up for the U.S. economy.