Wall Street's Record Run
Wednesday, May 30, 2007SUZANNE PRATT: A record day on Wall Street. The S&P 500 Index closed at an all-time high for the first time in seven years, up 12 points to 1530. The Dow also finished at a new high, surging 111 points to 12,633. Today's gains came after investors ignored a steep overnight sell off in Shanghai, focusing instead on the release of the minutes from the Federal Reserve's May 9th policy meeting. The minutes showed the Fed is optimistic about the outlook for the economy, despite the lingering housing slump and inflation. Economists say that means the central bank isn't likely to lower interest rates anytime soon. Doug Sandler, chief equity strategist at Wachovia Securities says the Fed minutes had a mixed message for Wall Street.
DOUG SANDLER, CHIEF EQUITY STRATEGIST, WACHOVIA SECURITIES: There's something for the bulls in the Fed statement. There's something for the bears. I think we're in a market that's trending up, so the bulls are going to tend to win this tug of war. Ultimately, I think it is very, it's a good thing that the pullback that we had last week was short and shallow and the bad news that came up this morning on China was quickly shrugged off.
PRATT: By the way, the last time the Dow and S&P 500 hit record highs on the same day was back on December 31 of 1999.
