- Commentary -

September 8, 2009 (FinancialWire) (By Philip Holmes) — Stocks ended higher on Wednesday following more encouraging word on the U.S. economy. The day also saw a return to public speaking for Apple’s (NASDAQ: AAPL) Steve Jobs and, after trading, a much anticipated speech on health care from President Obama.

The Dow Jones industrial average ended up 49.88 points, at 9,547.22, while the Standard & Poor’s 500-stock index rose 7.98 points, to 1,033.37. The Nasdaq composite index gained 22.62 points on the trading day, to end at 2,060.39.

Investors took in the latest Federal Reserve Beige Book report, which indicated a continuing move to stability in the U.S. economy. This despite weakness in the labor, commercial real estate and credit markets.

Investors were also cheered to see a return of a man whose moves are followed with messianic fervor. No, not Alan Greenspan (who also made an upbeat speech on the economy–be worried), or President Obama. The Man Who Spoke was Steven Jobs.

Jobs gave a keynote address to the Apple faithful in San Francisco, his first in almost a year. Jobs’ keynotes have in the past heralded breakthrough new products from the company. This time, he merely took the wraps off a new iPod lineup, but his appearance was the big news.

Obama opened his speech by claiming that, “We…have pulled this economy back from the brink.” The Fed, Greenspan, now Obama have said it…we must be saved!

On health care, Obama sold the “public option” without insisting on it. As expected. And the Republicans sold the status quo, without calling it that, as expected.

[Go to http://www.financialwire.net/?s=philip+holmes to see more commentaries by Philip Holmes.]

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The FirstAlert(tm) Economics Calendar lists International Trade Balance for July (8:30 a.m.), Initial Jobless Claims (8:30 a.m.), Treasury auctions 30-year bonds (1 p.m.).

The FirstAlert(tm) Events Calendar showcases  COMV, CSCO, IBM, BP @ Cowen and Company Clean Energy Conference; CSCO, MON, CSX, URBN @ UBS Best of America’s Conference; EPH, GPRO, MASI, BMRN @ Thomas Weisel Partners Healthcare Conference; FMR, SFG, HIG, AFL @ Keefe, Bruyette & Woods Insurance Conference; FPO, PKY, PSB, HCP @ BMO Capital Markets North American Real Estate Conference; GERN, XOMA, SUPG, ALNY @ Rodman & Renshaw Annual Global Investment Conference; GIS, PEP, ACV, RAI @ Barclays Capital Back-To-School Conference; GLW, MRVL, CREE, CRM @ Citi Annual Global Technology Conference; GR, PH, CW, BA @ Gabelli & Company Aircraft Supplier Conference; HD, TIF, JCG, WMT @ Goldman Sachs Retailing Conference; HERO, DUK, RIG, SO @ Barclays Capital 2009 CEO Energy Conference; IMGN, AMGN, CELG, HGSI @ Robert W. Baird & Co., Inc. Health Care Conference; INAP, SMSC, DTSI, OPTV @ Kaufman Brothers Investor Conference; JOYG, OSK, KMT, MTW @ Longbow Research Industrial Machinery & Equipment Investor Conference; NSC, BNI, CP, KSU @ Credit Suisse Group Automotive & Transportation Conference; OYOG, ACTG, GHM, ACU @ Singular Research Uncovereds Conference; TWC, VZ, IMAX, CBS, LEAP @ Bank of America Securities Media, Communications & Entertainment Conference; WERN, CNW, ABFS, YRCW @ Dahlman Rose & Co Global Transportation Conference.

FirstAlert(tm) Website of the Day: http://www.eyewitnesstohistory.com/hale.htm

Quote of the Day: “Thanks to the interstate highway system, it is now possible to travel from coast to coast without seeing anything.” Charles Kuralt

Today is: Swap Ideas Day.

Happy Birthday: Henry Purcell, Hannah Webster Foster, Hilda Doolittle, Edmond O’Brien, Arnold Palmer, Charles Kuralt, Roger Maris, Stephen Jay Gould, Jose Feliciano, Bill O’Reilly, Joe Perry, Amy Irving, Colin Firth, Randy Johnson, Guy Ritchie, Ryan Phillippe.

Today in History: John Smith was elected council president of Jamestown, Virginia, in 1608. American Revolutionary War: Nathan Hale volunteered in 1776 to spy during the American Revolutionary War. Elias Howe received a patent for the sewing machine in 1846. George Mary Searle discovered in 1858 the asteroid 55 Pandora. The New York City Subway’s third competing subway system, the municipally-owned IND, was opened in 1932. Canada declared war on Nazi Germany in 1939, joining France, the UK, New Zealand and Australia in the Allies.

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