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12/22/2004:

"Dow Hits 3.5-Year High in Broad 'Santa Claus' Rally"

The stock market barreled higher yesterday, sending the Dow Jones industrials to a new 31/2-year high as two Wall Street firms reported better-than-expected earnings and a brokerage firm upgraded Intel.

Stocks have climbed steadily since the presidential elections, with good economic data and positive profit forecasts for 2005 assuring investors of further returns. The markets also benefited from the traditional "Santa Claus" rally, as mutual funds and money managers shuffle their portfolios before the end of the year.

"The company news that we've seen over the past few days has been, on balance, positive, and that's giving investors the courage to buy," said Hugh Johnson, chief investment officer for the First Albany Corporation. "There's definitely some window dressing going on as well, where you have portfolio managers making sure they have good performing stocks in their portfolios before year's end. But for the most part, investors seem to be in a holiday mood."
Full Article: nytimes.com

What withthe jolly news coming out of Iraq yesterday, who WOULDN"T be in a 'holiday mood'?