This is The Wall Street Digest Hotline Update for Tuesday, April 3, 2007, at 6:00 p.m. EST.
A flood of good economic news pushed stock prices higher today. At the close, the Dow gained 128 points, closing at 12,510, while the Nasdaq rose 28 points, closing at 2,450. Oil fell $1.36 to $64.58 per barrel, and gold closed down $1.80 at $669.70 an ounce.
A drop in oil prices cheered Wall Street as tensions between the U.K. and Iran headed toward a possible diplomatic solution. Stocks extended early gains after the National Association of Realtors said its Pending Home Sales Index was up 0.7 percent in February.
Wall Street has put sub-prime mortgage worries on the back burner. You should remain fully invested with approximately 50 percent of your portfolio allocated to our recommended global/international investments.
The U.S. stock market is still substantially undervalued at 31 percent. Stay close to our telephone/e-mail/website Hotline Updates.
The next Hotline Update will be on Thursday, April 5, 2007, at 6:00 p.m. EST. The offices of The Wall Street Digest will be closed, along with the stock market, on Friday, April 6, in observance of Good Friday.