Dow Crosses 11,000 Mark
Bloomberg reports:
Stocks rallied, sending the Dow Jones Industrial Average above 11, 000 for the first time since the May 6 crash, while Treasuries climbed and the dollar slipped as a decrease in U.S. jobs bolstered speculation the Federal Reserve will buy more debt to stimulate the economy. Corn, soybeans and wheat surged on concern that supply is dwindling. ...
The Labor Department report that the nation lost 95,000 jobs last month was the latest evidence that the recovery from the recession may be faltering. The data signals the Fed may buy $1.2 trillion of Treasuries as a way to inject more cash into the economy and spur growth, Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said in a radio interview on “Bloomberg Surveillance” with Tom Keene.
“The economy is still not creating jobs and the Fed is probably going to do quantitative easing,” said Barton Biggs, managing partner of New York-based hedge fund Traxis Partners LP, which oversees $1.4 billion. “It indicates that we’re still in this soft patch, and in order to get out of that and minimize the risk of a double dip, we need more fiscal and monetary stimulus.”
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