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Record Profits Lead to Record Highs on Wall Street
Posted By News On March 7, 2013 @ 6:29 am In Today’s Local News | Comments Disabled
Wall Street hit a landmark on Tuesday as the Dow Jones Industrial Average finished at a record high. Iowa State Investment Officer Joe Cunningham says that signifies continued improvement in the economy. Corporate profits, he explains, are at record highs. Those records are coming from a combination of both revenues as well as cuts that were made in the workforce in the recent past. Cunningham says he hopes as the market improves, it’ll mean more investment in the workforce. He adds the economy hasn’t completely recovered, but things are better than they were a year ago, and much better than they were two years ago.
Pat Moriarty at Marion County Bank says that those who were patient enough to hold on to their stocks are getting rewarded now and he expects the markets to hold strong for a while. He says this highlights the importance of looking at investing over the long term. Markets globally are looking good as well, and Moriarty thinks that will contribute to markets holding strong for quite a while.
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