First, the stock market didn't suffer its typical year end slump as people adjust their portfolios for tax purposes. Then, the new year starts with a nice rally.
"The penalty good men pay for indifference to public affairs is to be ruled by evil men." - Plato
Wall Street indexes started the new year with sharp gains on Monday, extending the late-2010 rally on optimistic signs about a global recovery.
The Nasdaq hit a 10-year high in intraday trading, driven largely by gains in Apple, which hit an all-time high of $330.20 and is up 56 percent since the end of 2009. The Nasdaq, however, is still half of the all-time high of 2000.
Shares got a lift from the “January effect” when fund managers are no longer engaged in year-end window dressing and focus on shares that they find attractive.
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