January 5, 2009…….Comments by Tom Robinson, President
I, for one, am glad that the 2008 stock market is over, that it went out with a bang, and that the new year began on a positive note. In 2008, the Dow’s decline matched the fall in 1930, the S&P 1937, and the Nasdaq’s was the worst on record. Thus, the good news last week that all three indexes were up over 6% was a big positive indeed. Even Europe, after an absolutely horrible 2008, advanced almost 6%. The Asian markets were up but only about half that of Europe. The ten-year Treasury sold off sharply on the week. Oil prices rose.