Wall Street retraces as January holds market bets for 2004
Optimism marked the week on Wall Street as investors bet on a stronger economic rebound in 2004 though many warn the coming days will test gains. Analysts cite January barometer trends, durable goods, and job growth as key drivers while terrorism fears and political uncertainty loom over the year ahead. Major indexes finish higher: Dow up 0.8 percent to 10,409.85, S&P 500 at 1,108.48, Nasdaq at 2,006.68, with broader gains shown in the Russell 2000 and Wilshire 5000.
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Greenspan defends Fed approach to late 1990s bubble
Fed chair Alan Greenspan argued policy makers would have harmed the economy by trying to burst the late 1990s stock market bubble. He said the strategy was to address the bubble's consequences, not the bubble itself, and cited a mild 2002 recession amid market turmoil and wars.
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Dow Jones Weekly Close Hits Record High
The Dow Jones Industrial Average closes at 10,409.85 for the week, tacking on gains and signaling strong momentum. Analysts note a possible path to further records, with the index buoyed by tech and financial stocks amid steady economic data.
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