Daily Market Update

The major stock averages touched new highs for the year thanks to favorable signs on the economy. Fed Chairman Ben Bernanke also encouraged investors when he said the recession is probably over. August retail sales jumped at the fastest rate in three years primarily due to the cash for clunkers program and manufacturing in the New York region improved for a second straight month. Industrial and raw-material stocks were among the best performers as commodities rallied. Disappointing earnings kept a lid on retailers. Best Buy and Kroger results missed forecasts. Health insurers dropped on concern that health care reform might hurt profits. JPMorgan Chase fell 0.6% after the lender said credit-card defaults increased. The Dow closed up 56 points at 9683. NYSE volume totaled nearly 1.5 billion shares. The S&P 500 gained 3 points to 1052. The Nasdaq was up 10 points at 2102.. 10-year Treasury notes were down 7/32 to yield 3.45%. For more market news visit Virtuswealth.com.

Don’t forget to listen to Your Money, Your Retirement, airing every Saturday’s from 4:00 pm to 5:00 pm. This week’s show will have Chuck Weaver from VIP Mortgage.

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