The Markets February 2, 2011

DJIA Recovery Among the Fastest Ever

The Dow Jones industrial average closed above 12,000 yesterday, the first time it has closed that high since June 19, 2008.
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That’s an 84% gain from March 9, 2009, when it hit a 12-year low of 6,547 – a passage of “just” 480 trading days.

According to the Associated Press, the Dow has had four other gains as large that were even faster, but you have to go back pretty far to find them:

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  • February 17, 1933, through July 18, 1933: Up 117% in 109 trading days.
  • July 8, 1932, through September 7, 1932: Up 94% in 51 trading days.
  • November 9, 1903, through March 9, 1905: Up 84% in 397 trading days.
  • March 25, 1898, through September 5, 1899: Up 85% in 431 trading days.
Compliance February 1, 2011

HELP Panel Schedules Retirement Savings Hearing

The Senate Health, Education, Labor and Pensions (HELP) Committee scheduled a hearing for Thursday to discuss “what can be done to help Americans save more for retirement.”
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The 2 p.m. session is entitled “Simplifying Security: Encouraging Better Retirement Decisions.” 

Scheduled witnesses include:

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  • Jean Chatzky, financial journalist, author, and financial editor for NBC’s Today Show
  • Lori Lucas, Executive Member of the Defined Contribution Institutional Investment Association
  • Julie Agnew, Associate Professor of Economics and Finance at William and Mary Mason School of Business
  • Jeffrey R. Brown, William G. Karnes Professor of Finance at University of Illinois at Urbana-Champaign College of Business

All hearings and markups are webcast live at: http://help.senate.gov.  Testimony and archived videos will be posted at: http://help.senate.gov/hearings/.

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