Stocks Jump on Economic Hopes

THE STOCK MARKET HAD ANOTHER TRIPLE DIGIT DAY.. ON A BURST OF OPTIMISM ABOUT THE HEALTH OF THE ECONOMY.
COMPANIES BEGIN REPORTING EARNINGS THIS WEEK...AND WALL STREET RALLIED FOR THE SECOND DAY IN A ROW IN ANTICIPATION. STOCKS ALSO GOT A LIFT WHEN AUSTRALIA MADE A SURPRISE MOVE TO RAISE INTEREST RATES. TRADERS TOOK IT AS A SIGN THE GLOBAL ECONOMY IS ON THE REBOUND.
THE DOW ROCKETED 131 POINTS AND THE NASDAQ CLIMBED 35.
WALL STREET'S ENTHUSIASM MEANS TRADERS ARE SHRUGGING OFF TROUBLING PREDICTIONS ABOUT THE HOLIDAY SHOPPING SEASON. THE NATIONAL RETAIL FEDERATION NOW EXPECTS SALES IN NOVEMBER AND DECEMBER TO DECLINE ONE PERCENT AFTER A MORE THAN 3-PERCENT DROP LAST YEAR. IF SO, ANALYSTS WORRY COMPANIES WILL HAVE TO LAY OFF MORE WORKERS.
INVESTORS WHO SWITCHED THEIR MONEY INTO THE GOLD MARKET HAD ANOTHER DAY FOR THE RECORD BOOKS. GOLD SURGED TO AN ALL TIME HIGH, CLOSING NEAR 1,040 DOLLARS AN OUNCE.
AND THE FINANCIAL INSTITUTIONS THAT ARE LIVING OFF GOVERNMENT BAILOUTS CAN EXPECT SOME BIG CHANGES IN PAYROLL POLICIES. THE GOVERNMENT'S PAY CZAR PLANS TO CRACK DOWN AT SEVEN COMPANIES, INCLUDING CITIGROUP AND BANK OF AMERICA. THE WALL STREET JOURNAL SAYS THE IDEA IS TO SHIFT A PORTION OF SALARIES INTO STOCK, RATHER THAN CASH. THE NEW GUIDELINES ARE DUE BY THE END OF THE MONTH.
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