Dow Diary: A Little Uptick!

Dear Diary,

That’s how you snap a two-day losing streak! You can count the number of points I gained with two hands, but that’s alright with me; after a 60-point loss yesterday and Friday’s small decline, I’m happy with even a small win like the one I had today.

I can’t really call a minor gain like that a total victory, more of a “mixed result.” Still, good to see the banks gaining some ground. JPMorgan Chase rose 1.8 percent. Bank of America climbed added 2.4 percent after two board members bought some of the stock, a sign of their faith in the firm’s prospects.

It’s a great week to be a commodity. Just look at oil, which today hit $87.81 a barrel on a falling inventory reading from the Department of Energy. Gold has also continued its rise lately.

I’m still a little unsure about the ultimate impact of the Federal Reserve’s policy of quantitative easing — how inflationary it will be, whether it will be an effective means to combat a potential double dip. That’s a major Sword of Damocles for me. So is the outcome of the G20 summit in South Korea. A lot of foreign finance ministers aren’t too happy about quantitative easing — and there’s talk of a currency war in the works. I guess that means there are two Swords of Damocles hanging over me.

I guess maybe that’s why I’m not humming along all carefree-like.

See you tomorrow,

The Dow Jones Industrial Average

Dow Diary: A Little Uptick!