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NEW YORK – Could index Dow Jones set an all-time next year?

This question might seem madness as early last year when fear and panic wrapped up the stock market and the Dow Jones industrial average plunged 6,547 March 9. Many investors thought it would be a decade or more to return to the registration of 14,165, set on 9 October 2007.

We can we now on the Board. Dow Jones index has soared 76 per cent the past 21 months and he would climb only 23% of nearly a record 11,492 Friday.

This is a big jump, but the Dow Jones index increased 23 percent or more than six times since 1985, or about once every four years. Two years, the Dow Jones index missed just with a 22.6% gain. Combine them and number eight years of 25, or about one in three.

Many analysts don't expect a gain of 23% in 2011, but they agree that the conditions are in place for the rally to continue.

"There are some really compelling reasons there say the Dow Jones index may address its peaks," says Randy Bateman, Huntington Asset Advisors investment Chief Director. "You have a scenario quite rose, where there is not much competition for stocks."

Business connections to ensure a decent income, but not the stock appreciation potential. Cash investments such as the Bank and the mutual fund money market, CD interest rates remain in the basement. Meanwhile, corporate profits continue to increase, making it the most attractive stocks. Businesses are also sitting on a record cash amount, giving them the flexibility to larger, dividends to buy their own stock or buy competitors.

The economy might help, too. The recession ended in June of last year, this economic expansion therefore only about 18 months. Expansion since world war lasted an average of five years. Dow Jones index take always the year recovery marked its second anniversary. But the last time as he did, in 2003, the Dow Jones index jumped 25 percent. This expansion has been intermittent so far. If it is finally gaining traction next year, stocks could do.

Dow Jones index has already had a good run this year. It is 10 percent in spite of persistent problems in the economy, including a 9.8% unemployment rate and a weak housing market. The reason is that the stocks investors focus more on what is in advance that what is happening today. They believe the economy will continue to heal the next business year will keep earning more money. Friday, investors received the latest sign that the economy is on the mend. Indicators of economic leader Conference Board index increased the month at the fastest pace since March.

History: Slow growth is not surprising to forecasters

Here's a look at the way in which the Dow Jones index has jumped more than 23% six times the past 25 years:

-1985 A third consecutive year of strong economic growth - GDP grew by 4.1% - after a deep recession ended in November 1982 fueled a gain of 28% of the Dow Jones index. The inflation rate remained stable a fourth consecutive year, convince many investors the monster of the inflation of the late 1970s was killed.

-1989 Mergers and acquisitions, including redemptions by corporate raiders, has helped grow the index Dow Jones 27 per cent. Purchase Kohlberg Kravis Roberts & co. in the RJR Nabisco was the largest company that saw the country. In the month of August, the Dow Jones index has regained the level it had reached in August 1987, two months before the collapse of "Monday" this year black

-1995 Dow Jones index jumped 33 percent, as what would become the economic expansion the longest history of the US fed by its fifth year. And most Americans were putting money into stocks by accounts 401. The number of households having fried stocks to 41%, over 37% in 1992 and 32% in 1989, in accordance with the Federal Reserve.

-1996 Dow Jones index rose another 26% while the economy continued strong. Stocks gained as Federal Reserve Chairman Alan Greenspan asked in a speech delivered in December if "irrational exuberance is excessively is the net asset value."

-1999 Benefits large companies and excitement on the Internet has pushed the Dow Jones index up to 25 percent. Earnings per share for the companies of the S & P 500 index jumped 28%, the strongest growth since 1994.

-2003 Dow Jones index increased by 25% as economy enjoyed its second year of recovery after the recession of 2001. The Federal Reserve cut short-term interest rates as low as 1% percent for growth.

The two years that the Dow Jones index increased by 22.6% were 1986 and 1997. Each followed a strong years above that the strong economic conditions continued.

Many analysts expect will continue to increase the benefits of price with stock - and business - but not at a rate which would send the Dow Jones index passed 14 000 next year. Bank of America Merrill Lynch, for example, provides that earnings per share for large corporations standard & Poor 500 index increased 9% in 2011 and 6% in 2012. He sees the S & P close the increase of 13 percent in 2011 Friday.

History: Tax reductions clarify perspectives economic still dim

"Nothing is impossible, but it is not true unlikely," says Bob Millen, the mutual fund portfolio Jensen Portfolio Manager.

Same Chorea Huntington Bateman, who says that the Dow Jones index could reach a record in 2011, warns stocks may not stay that high for a long time. Larger public deficits, he said, could lead lower stock prices in 2012 or in 2013.

Copyright 2010 the Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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NEW YORK – the gathering of December can be reached its peak, with only two weeks before Christmas is his midnight run. Decrease volume, excessive optimism and history all pointing on a stock market that could be run steam.

Investors seem to have become complacent as the CBOE Volatility Index VIX, or has fallen to levels not seen since April. Stocks have been new heights almost daily. The S & P 500 closed Friday at its highest level since September 2008 and the Nasdaq achieved his best finish since late December 2007, with many gains expecting to run until the end of the year.

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But Cleveland Rueckert Birinyi Associates in Stamford, Connecticut, Analyst believes that the year-end rally can occur largely.

"Most of this gain may already have taken place,", he said. "Most people are more likely to end their books at the end of the month and looking for opportunities to open new positions to the next month.

Rueckert said that for 65 years, when the S & P 500 rallied at the end of the year, the average gain was 3.4% between Thanksgiving and new year's action. So far, the index increased 3.5% since the beginning of the period.

"Many stocks this year have had very large gains and would not really be surprising to see many managers close positions and take some time for vacations," he said.

Monday starts the last business week of five days before Christmas. The following week is cut short by the holiday season. With December 25, fall, on Saturday, this year, the American Stock Exchange will be closed on Friday, December 24, in compliance with the feast of Christmas.

November inflation data dominate economic calendar of the week, with producer u.s. prices index due Tuesday Wednesday and the United States consumer price index.

Some consider the signs of bulls in eggnog.

Last sentiments of the American Association of Individual Investors survey shows an optimistic feeling reaches a maximum of four weeks. What, Howser feeling spent weeks 14 above of its historical average - his streak over six years long.

Which is often seen as an indicator anti-conformist.

Last week, the S & P 500 in resistance levels closely monitored and mounted for six to eight days close to new heights in two years.

But gains were accompanied by the decrease in participation. Average volume during the last three days of the week was 7.76 billion in daily average below 8.62 billion this year.

"We now enter the beginning of the seasonal trend where volume dries really," said Nicholas Colas, strategist at market leader of the Group of ConvergEx in New York. "It seems as it starts a little earlier than usual."

"I think we are at the risk of a predatory sense in the end of the year, but I think that basic outlines of what looks like the economy are fairly well", he said.

This feeling was reflected in the VIX, also known as Wall Street favorite barometer of fear of the investor. Although the VIX edged up Friday, the index fell to six of the last nine sessions. It is now located at 17.61 after reaching its lowest since April.

The moving average of 15 days the advance/decline on the New York Stock Exchange, a measure of the proportion of the advancement of the decline in stocks, report began to slide and currently stands at approximately 1.5. He reaches this year in July at twice that, according to Reuters data.

In addition, the moving average of three days of inventory to new heights of 52 weeks has also turned down after an outbreak at the beginning of the month. He is now approximately 125, more than 250 at the beginning of the month.

The size and ratios have not been "dashboard" that late rally, according to a report from McMillan analysis Corp. only by calling equity put ratios remain on "sell" signals, analysts say.

Graphical mind investors are bullish. The S & P 500 closed well above 1 228, Fibonacci 61.8% slide market bears 2007-2009, a level tracing technique key.

"When a market exceeds a certain level of tracing, and then the probability increases to a climb to the next level tracing, which would in this case a 76.4% tracking and a way 1,362," said Chris Burba, a market in the short term to the standard & Poor technician.

1,120, Commercial recent high-end top level is seen as a solid support.

On Friday, the S & P 500 closed 1,240.40. This is an increase of 1.3% for the week.

An agreement to extend the Bush-era over the next two years tax cuts has begun to look like less of a de facto agreement. The agreement is likely to be adopted by the Senate on Tuesday, but may face a tougher route for the passage in the House.

If the law stands, which resulted in more capital gains and dividend at the beginning of next year, then u.s. stock prices taxes could be.

Policy bodies of the Federal Reserve, the Federal open market Committee will convene Tuesday for its last meeting of the year. Recent clutch of stronger economic data could cause a debate on ways to stretch of 600 billion stimulus plan the Central Bank, designed to keep rates low interest through bond purchases.

"Hard on the Fed can seize this strong cluster numbers and use them in support of the argument against" quantitative easing, said Pierre Ellis, senior global economist at Decision Economics in New York.

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NEW YORK (Reuters) – This year's miracle won't be limited to 34th Street. It will spill onto Wall Street as well.

The recent agreement to extend the Bush-era tax cuts will help lift the markets in the final weeks of December, analysts say, with retail stocks expected to be among the top beneficiaries.

Late-year advances, known as "Santa Claus rallies" because of their proximity to Christmas, occur on a seasonal jump in bullish sentiment, as well as window dressing -- a strategy used by fund managers to improve the appearance of their funds by chasing strong performers.

It helps that stocks are already on an uptrend, with the Standard & Poor's 500 Index trading at two-year highs.

Increased sentiment "is not totally uncommon at this time of year," said William Delwiche, an investment strategist at Robert W. Baird & Co in Nashville. "Year-end and holidays tend to make people cheerful and optimistic about the new year."

The gains, which can be amplified by the period's light trading volume, have helped make December an historically strong month.

According to Thomson Reuters Datastream, the S&P 500 has gained an average of 1.5 percent in December since 1975, the third-best month behind April and November. The index is up 5 percent so far this month.

"Santa Claus rallies don't come on specific catalysts so much as an intangible sense out there, and this year that sense is strong and to the upside," said Joseph Greco, managing director at Meridian Equity Partners in New York.

"The tax deal gave us a huge shot in the arm, we're seeing consistent strength in retailers, and it's possible that we could get a move of 2.5 (percent) to 3 percent up from here," Greco said.

NICE COMEBACK FOR THE CONSUMER

Sentiment on retail stocks has been bullish lately, thanks to encouraging reads on consumer spending in the holiday shopping season. Analysts said the tax deal is adding to that positive bias.

"For the first time in several years, the consumer is back in play, especially if the tax deal comes through the way it has been proposed," said Timothy Harder, chief investment officer at Peak Capital Investment Services in Denver, which has about $600 million in assets under management. "As that becomes more certain, companies that target consumers will see that benefit."

While Santa Claus rallies unofficially run in the final week of the year, some retailers have already racked up strong gains. Abercrombie & Fitch has surged 11.3 percent in December so far, while luxury retailer Saks Inc is up 6.8 percent.

Despite an expected positive end to the year, issues may resurface in January as traders return from vacation and trading volume increases.

"We'll see Santa in December, but then comes the 'January effect' when institutions and managers either take money off the table or really get involved," Meridian's Greco said.

According to Datastream, January is historically the fourth-best month of the year.

"I'm hopeful that once they get a read on how bullish things are, that'll stimulate them to keep things going."

(Reporting by Ryan Vlastelica; Additional reporting by Rodrigo Campos; Editing by Jan Paschal)

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NEW YORK (Reuters) – The December rally may be reaching its climax, with just two weeks to go before Santa Claus makes his midnight run. Dwindling volume, excess optimism, and history all point to a stock market that could be running out of steam.

Investors appear to have grown complacent as the CBOE Volatility Index, or VIX (.VIX), has fallen to levels not seen since April. Stocks have made new highs on almost a daily basis. The S&P 500 (.SPX) closed on Friday at its highest level since September 2008 and the Nasdaq (.IXIC) scored its best finish since late December 2007, with many expecting gains to run through the end of the year.

But Cleveland Rueckert, an analyst at Birinyi Associates in Stamford, Connecticut, believes the year-end rally may be largely done.

"The majority of that gain may already have occurred," he said. "Most people are more likely to be closing out their books at the end of the month and looking for opportunities to open new positions at the start of the next month."

Rueckert said that over the last 65 years, when the S&P 500 has rallied at year's end, the average gain has been 3.4 percent between Thanksgiving and New Year's. So far, the index has risen 3.5 percent since the start of the period.

"A lot of stocks this year have had very big gains and it really wouldn't be surprising to see a lot of the managers close out positions and take some vacation time," he said.

When trading resumes on Monday, that will start the last five-day trading week before Christmas. The following week will be cut short by the holiday. With December 25th falling on Saturday this year, the U.S. stock market will be closed on Friday, December 24th, in observance of the Christmas holiday.

Inflation data for November will dominate next week's economic calendar, with the U.S. Producer Price Index due on Tuesday and the U.S. Consumer Price Index set for Wednesday.

BULLS IN THE EGGNOG

Some see signs of the bulls getting into the eggnog.

The American Association of Individual Investors' latest sentiment survey shows bullish sentiment reached a four-week high. What's more, bullish sentiment has spent 14 weeks above its historical average -- its longest streak in six years.

That is often seen as a contrarian indicator.

This week, the S&P 500 has broken through closely watched resistance levels and has climbed for six of the last eight days to close at fresh two-year highs.

But gains have been accompanied by decreasing participation. Average volume during the last three days of the week was 7.76 billion, well below this year's daily average of 8.62 billion.

"We are entering now the beginning of the seasonal pattern where volume really dries up," said Nicholas Colas, chief market strategist at the ConvergEx Group in New York. "It seems like it's starting a little sooner than usual.

"I don't think we're at any risk of a meaningful sell-off into the end of the year, but I think the basic contours of what the economy looks like are pretty well set," he said.

That sentiment was reflected in the VIX, also known as Wall Street's favorite barometer of investor fear. Although the VIX edged up on Friday, the index has fallen for six of the last nine sessions. It now stands at 17.61 after hitting its lowest since April.

The 15-day moving average of the advance/decline ratio on the New York Stock Exchange, a measure of the proportion of advancing to falling stocks, has started to slip and currently stands at around 1.5. It peaked this year in July at about double that, according to Reuters data.

In addition, the 3-day moving average of stocks making new 52-week highs has also turned lower after a spurt at the start of the month. It now stands at around 125, down from more than 250 at the start of the month.

The breadth and ratios have not been "on board" this rally of late, according to a report from McMillan Analysis Corp. Equity-only put-call ratios remain on "sell" signals, the analysts say.

Chart-minded investors are bullish. The S&P 500 has closed well above 1,228, the 61.8 percent Fibonacci retracement of the 2007-2009 bear market slide, a key technical level.

"When a market surpasses a certain retracement level, then the probability increases of a rise to the next retracement level, which in this case would be a 76.4 percent retracement and that's a ways up at 1,362," said Chris Burba, short-term market technician at Standard & Poor's.

The 1,120 level, the top of a recent trading range, is seen as strong support.

On Friday, the S&P 500 closed at 1,240.40 and was up 1.3 percent for the week. The Dow Jones industrial average (.DJI) ended Friday's session at 11,410.32 and was up just 0.2 percent for the week. The Nasdaq closed on Friday at 2,637.54; for the week, the Nasdaq was up 1.8 percent.

LOOK OUT FOR FED HAWKS

An agreement to extend the Bush-era tax cuts over the next two years has started to seem like less of a done deal. The agreement is expected to be approved by the U.S. Senate on Tuesday, but could face a tougher road to passage in the House.

If the legislation stalls, resulting in higher capital gains and dividend taxes at the start of next year, then U.S. stock prices could fall.

The Federal Reserve's policy-making body, the Federal Open Markets Committee, will convene on Tuesday for its last meeting of the year. The recent clutch of stronger economic data could spark a debate over how far to stretch the central bank's $600 billion stimulus plan, designed to keep interest rate low through bond purchases.

"The hawkish members on the Fed may seize on this cluster of strong numbers and use them to support the argument against" quantitative easing, said Pierre Ellis, senior global economist at Decision Economics in New York.

(Reporting by Edward Krudy; Additional reporting by Caroline Valetkevitch and Doris Frankel; Editing by Jan Paschal)

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LONDON (AFP) – London's main stock markets weakened in opening deals on Wednesday, as many investors took profits after hefty gains the previous day.

The FTSE 100 index of top companies shed 0.53 percent to stand at 5,777.93 points.

Shares had jumped higher on Tuesday, helped by a compromise on tax and employment policies between US President Barack Obama and his Republican opponents seen as a boost to the economy.

Dealers said an apparent easing in the eurozone debt crisis and Ireland's draconian 2011 budget added to the positive tone, with miners also boosted by sharp gains for commodity prices.

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By CHIP CUTTER and MATTHEW CRAFT, AP Business Writers Chip Cutter And Matthew Craft, Ap Business Writers – Tue?Dec?7, 6:08?pm?ET

NEW YORK – Stocks closed mixed Tuesday after enthusiasm over a deal to extend tax cuts faded.

Bond prices fell sharply as traders anticipated the tax cuts would boost economic growth but also lead to ballooning budget deficits. The yield on the 10-year Treasury note jumped to 3.13 percent, its highest level since June 22.

President Barack Obama and Republican leaders agreed to a broad package of tax cuts and an extension of unemployment benefits. The compromise plan helped send stocks higher in the morning, briefly pushing the Standard & Poor's 500 index to its highest level since the peak of the financial crisis in September 2008.

Private economists began raising their expectations for economic growth in response to the tax cut deal. Bond traders focused on another factor: the widening budget deficit. Estimates vary widely, but some put the total cost of the package in the range of $900 billion over the next two years.

Slashing tax receipts to the Treasury without a plan to fill the shortfall is "the height of irresponsibility," said Dan Greenhaus, chief economic strategist at Miller Tabak, in a note to clients.

The extension of the Bush-era tax cuts, which were due to expire at the end of the year, removed a major source of uncertainty for financial markets. The deal announced late Monday also included a one-year break on payroll taxes which will put money directly in Americans' pockets. The same is true for the extension of unemployment benefits, which economists see as an effective way to stimulate the economy by getting people spending again.

"The deal in Washington is a big deal," said Kim Caughey Forrest, equity research analyst at Fort Pitt Capital Group. "Investors really do like certainty, and they really do like certainty around taxes."

The Dow Jones industrial average fell 3, or 0.03 percent, to close at 11,359.16. It had been up as many as 89 points before turning lower in the afternoon.

The broader Standard & Poor's 500 index rose 0.6, or 0.05 percent, to 1,223.75. The S&P closed within 2 points of its 2010 high reached on Nov. 5.

The Nasdaq composite index rose 3.6, or 0.1 percent, to 2,598.49.

Treasury prices fell sharply, sending their yields higher. The yield on the 10-year Treasury note rose to 3.13 percent from 2.93 percent late Monday. The yield on the 10-year note is a widely used benchmark for interest rates on loans including mortgages.

Citigroup Inc. rose 3.8 percent to $4.62 after the government said late Monday it reached a deal to sell its remaining stake in the bank for a $12 billion profit. Nicor Inc. jumped 4.3 percent to $48.79 after the natural gas distributor said it had agreed to be acquired by AGL Resources Inc. for about $2.38 billion in cash and stock.

Shares of New York Times Co. rose 4 percent to $9.76 after the newspaper publisher said declines in print advertising sales are slowing and expenses are falling.

Investors were also encouraged by news out of Europe. European stock markets rose after finance ministers from the 16 nations that use the euro did not rule out increasing their $1 trillion bailout fund. Ireland also passed a budget with steep tax hikes aimed at slashing its deficit.

The dollar was up 0.5 percent against an index of six other currencies. It had been down as much as 0.4 percent earlier in the day before recouping its losses by midday.

Rising stocks were even with declining ones on the New York Stock Exchange. Consolidated trading volume was 7.6 billion shares.

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TAX BREAK: A deal between President Barack Obama and Republican leaders on extending tax cuts sent stock prices higher for much of the day, but the rally faded by late afternoon.

NEAR 2010 HIGHS: The Standard & Poor's 500 index closed within two points of its 2010 high reached on Nov. 5.

BONDS WHACKED: Bond prices slumped, sending their yields higher, as traders anticipated that the tax cuts would swell the budget deficit. The yield on the benchmar 10-year Treasury note jumped to 3.13 percent from 2.93 percent late Monday, its highest level since June 22.

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NEW YORK (Reuters) – Stocks eked out a small gain on Tuesday as investors' enthusiasm over a tax cut extension deal was short-circuited by rising bond yields and reports regulators were stepping up an insider-trading probe.

The S&P 500 hit a two-year intraday high after U.S. President Barack Obama forged the deal with Republicans to renew Bush-era tax cuts.

But the rally fizzled late as the yield on the 10-year note hit its highest level since June and debt prices fell sharply.

"The smashing that (bonds) are taking today is disconcerting," said Peter Boockvar, equity strategist at Miller Tabak & Co in New York.

"The spike in interest rates could be enough to stop the equity rally in its tracks."

The rise in yields added to anxiety from news the U.S. Securities and Exchange Commission has issued more than a dozen subpoenas in its investigation of insider trading on Wall Street, potentially undermining public confidence in the markets.

Optimism over the tax agreement sent the S&P 500 to a new intraday two-year high and above a key technical measure, but the index retreated, confirming the 1,228 level remains a strong resistance point.

Analysts said the lofty heights recently attained by stock indexes may have also given investors reason to pause due to skittishness.

"The market has had a nice run. Investors are a little nervous about the move we just had and are looking for any type of reason to sell off," said Angel Mata, managing director of listed equity trading at Stifel Nicolaus Capital Markets in Baltimore.

Still, he noted the pullback could signal additional room for a move higher in equities.

The Dow Jones industrial average (.DJI) dropped 3.03 points, or 0.03 percent, to 11,359.16. The Standard & Poor's 500 Index (.SPX) added 0.63 points, or 0.05 percent, to 1,223.75. The Nasdaq Composite Index (.IXIC) gained 3.57 points, or 0.14 percent, to 2,598.49.

Volume surged on Tuesday as more than 11 billion shares changed hands on the New York Stock Exchange, NYSE Amex and Nasdaq. That compared with the year-to-date estimated daily average of 8.63 billion.

The CBOE volatility index (.VIX) closed at 17.99 -- its lowest level since April and below a key technical resistance at 18.

Citigroup (C.N) shares rose 3.8 percent to $4.62 on massive volume after the U.S. government sold its remaining stake in the company. The move could lead to an increased weighting for the bank in the S&P 500 as the company moves to a 100 percent float, according to Credit Suisse.

Credit Suisse estimated that portfolios following the S&P may need to buy up to 375 million Citigroup shares, although the timing of the purchases was uncertain. Citigroup volume totaled nearly 3.1 billion shares, roughly 30 percent of the total volume of 10.9 billion.

3M Co (MMM.N) shares fell 3.1 percent to $84.19. The Dow component forecast 2011 profit that could top expectations but issued an outlook for sales growth that was lower than some analysts expected.

In other corporate news, natural gas distributor Nicor Inc (GAS.N) climbed 4.3 percent to $48.79 after it agreed to be acquired by rival AGL Resources Inc (AGL.N) for $2.4 billion. AGL shed 5.8 percent to $34.

Talbots Inc (TLB.N) plunged 22.7 percent to $8.

Advancing stocks outnumbered declining ones on the NYSE by 1,496 to 1,485, while on the Nasdaq, advancers beat decliners 1,485 to 1,162.

(Reporting by Chuck Mikolajczak; Additional reporting by Rodrigo Campos; Editing by Kenneth Barry)

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NEW YORK (Reuters) – Europe's sovereign debt crisis will still hang over global markets next week, but on Wall Street, investors will not be afraid to bet on stocks.

Wall Street has shown its ability to hold onto gains, or quickly recover from losses this week despite Europe's debt woes, suggesting that investors are confident of a sustained rally.

"When things don't fall apart on bad news, you know that the market is no longer vulnerable. The overall sentiment is pretty solid," said Randy Frederick, director of trading and derivatives at Schwab Center for Financial Research in Austin, Texas.

The outstanding put-to-call ratio on index options, heavily focused on the S&P 500 benchmark, dropped from 1.32 last week to 1.29, showing bullish signs for next week.

The ratio, which is always greater than 1, is the primary hedging vehicle for institutional investors. The ratio rises with a market rally as the possibility of a pullback also increases.

"The ability (to not fall apart) is helping investors remain upbeat on short-term prospects for stocks. We may not see this continue until the end of January next year, but the month of December certainly looks encouraging."

The CBOE Volatility Index or VIX (.VIX), Wall Street's so-called fear gauge, fell despite a decline in stocks earlier in the day as traders saw fewer reasons to buy protection.

The index, which usually moves inverse to the S&P 500 benchmark, strayed from the relationship and closed at its lowest since April.

The iPath S&P 500 VIX Short Term Futures exchange-traded note (BARC.L) (VXX.P) also notched a new year low of $41.51 on Friday. The ETN, which offers directional volatility exposure, is based off of the front two-month futures on the VIX.

"There is definitely a trend in the VXX to try to get short in the ETN," said Dan Deming, a VIX options trader at Stutland Equities.

S&P 500 ENDS WEEK UP 3 PERCENT

Fears that Europe's debt crisis could spiral out of control have pushed stocks off two-year highs hit earlier this month. Last week, the S&P 500 was down 3 percent from November 5.

But the index recovered to the early November levels this week as fears were countered by a spate of healthy economic data and an upbeat outlook on consumer spending during the holiday shopping season.

"Europe is kind of its own play now," said Jeff Roach, chief economist at Horizon Investments in Charlotte, North Carolina, adding that investors are starting to brush off the longer-term macro issues.

On Friday, stocks closed out their best week in a month with the Dow Jones industrial average (.DJI) up 2.6 percent, the Standard & Poor's 500 (.SPX) up 3 percent and the Nasdaq Composite Index (.IXIC) up 2.2 percent, after shrugging off tepid jobs numbers for November.

ISM FORECASTS, TRADE GAP ON TAP

Economic indicators next week will be fairly light, with the Institute for Supply Management releasing its semi-annual economic forecasts for the U.S. manufacturing and services sectors on Tuesday. The weekly mortgage data on Wednesday and jobless claims on Thursday will still get close scrutiny.

On Friday, Wall Street will watch for reports on import and export prices in November, the international trade deficit for October, and a preliminary reading December consumer sentiment from the Thomson Reuters/University of Michigan Surveys of Consumers.

As the year wraps up, portfolio managers will continue to chase outperforming stocks and sell some laggards to keep their balance sheets healthy.

The three-day moving average of stocks hitting new 52-week highs on the New York Stock Exchange accelerated at the end of November and is now close to 250, while stocks making new 52-week lows edged down in December and remained slight.

The portfolio managers are "all trying to scramble to catch up. They have performance risk, they have bonus risk and ultimately they have job risk," said Jeffrey Saut, chief investment strategist at Raymond James in St. Petersburg, Florida.

(Reporting by Angela Moon; Additional reporting by Leah Schnurr and Doris Frankel; Editing by Jan Paschal)

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LONDON (AFP) – The euro and European stocks rallied strongly on Wednesday and pressure on Spain eased, but the eurozone debt crisis weighed heavily with a credit watch for Portugal and Germany struggling to sell bonds.

Leading EU figures warned that financial markets were underestimating the will of EU leaders and institutions to defend the euro and the eurozone.

But in a new sign of the extent of anxiety among investors, a German bond issue was undersubscribed.

"Markets are still concerned about the debt crisis spreading to other countries," said Commerzbank analyst Ulrich Leuchtmann.

The euro shot above 1.31 dollars in trading here, a day after hitting a two-month low point under 1.30 dollars. The Madrid stock market meanwhile surged more than 3.0 percent in early afternoon trading.

"For all of the woes around at the moment the equity markets continue to be reasonably solid," said Simon Denham, head of trading group Capital Spreads.

Overnight, ratings agency Standard & Poor's placed Portugal on a credit watch because of "increased risks to the government's creditworthiness".

S&P on Tuesday said increased risks came from the Portuguese government not doing enough to enact "growth-enhancing reforms" and from proposed changes to EU rules that could mean private bondholders are last in line to be paid back.

Fears that Portugal could follow Ireland and Greece in receive a massive international financial bailout had sent the euro sinking on Tuesday.

However the single currency recovered on Wednesday, standing at 1.3105 dollars from 1.2983 dollars late on Tuesday in New York.

"The euro has stabilised overnight following comments from ECB President (Jean-Claude) Trichet hinting that the ECB could consider expanding its sovereign debt purchase programme," said Lee Hardman, analyst at The Bank of Tokyo-Mitsubishi UFJ in London.

European Union bailout chief Klaus Regling and France's Finance Minister Christine Lagarde meanwhile each stressed on Wednesday that the EU was focused on protecting the euro.

Their strong statements came as leading European stock markets rallied, with London jumping 1.45 percent, Frankfurt up 1.76 percent and Paris gaining 1.0 percent.

Stock prices in Madrid shot up 3.11 percent and share prices also climbed in Italy and Portugal.

The 10-year borrowing rate for Spain eased to 5.30 percent having reached 5.50 percent on Tuesday, and the difference above the rate Germany must pay fell to 2.60 percentage points from 3.0 on Tuesday. The Spanish government announced a new wave of privatisations.

However in eurozone benchmark Germany, the agency which manages the country's sovereign debt received offers for just 4.55 billion euros after tendering five-year bonds worth a total of 5.0 billion euros.

Analysts meanwhile noted that the intention of the European Central Bank to edge back towards normal monetary policies when its governing council meets on Thursday may have been blown off course by the Irish debt crisis.

When the Greek crisis caused lending markets markets to freeze up in April the ECB began providing banks with unlimited short-term loans at low rates.

As lending markets in most of the eurozone countries have returned to normal, the ECB has begun to look for an "exit strategy" to end its exceptional measures to support the banking system, but the Irish crisis has reawakened concerns.

"The ECB will need to continue to provide exceptional support, despite earlier indications," ABN-Amro analysts said in a research note.

In taking on problems faced by major Irish banks, Dublin dug itself a hole that forced it last week to seek 67.5 billion euros (88 billion dollars) in financial aid from the European Union and the International Monetary Fund.

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LONDON (AFP) – Shares rallied in opening deals on Monday as investors welcomed news that crisis-hit Ireland has formally applied for a bailout from the European Union and the International Monetary Fund.

The benchmark FTSE 100 index jumped 0.76 percent at 5,776.15 points.

Irish Prime Minister Brian Cowen said Sunday his government had applied for aid from the EU and the IMF. While the amount had not yet been decided, he said it would be less than 100 billion euros (85.6 billion pounds).

The news also boosted the euro, under pressure in recent weeks due to the debt woes of Ireland and other eurozone nations such as Portugal, Spain and Greece, with Athens getting a 110-billion-euro (150-billion-dollar) EU-IMF bailout in May.

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PULLBACK: Stocks pulled back as traders retreated from a rally that brought indexes to their highest levels since the peak of the 2008 financial crisis last week. The Dow Jones industrial average fell 37 to close at 11,406.

GOLD HITS $1,400: Gold crossed $1,400 an ounce to another record as traders looked for safe places to park money.

DOLLAR PAIN: The dollar rose 0.5 percent against an index of currencies. That hurt companies with a lot of business overseas, since a stronger dollar makes their products more expensive in other countries.

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LONDON (AFP) – The leading share index closed lower on Monday, after making strong gains last week on the back of US quantitative easing plans.

The FTSE 100 index shed 0.43 percent to close at 5,849.96 points.

Mobile satellite company Insmarsat plc was the biggest blue-chip riser, gaining 2.96 percent -- or 20 pence -- to end at 695.

Rolls-Royce made the second greatest gains, rising 2.71 percent -- 16 pence -- to close at 607.

Royal Bank of Scotland (RBS) was the biggest faller, losing 3.02 percent -- 1.36 pence -- to close at 43.64.

It was followed by mining company Anglo-American plc, which slipped 2.43 percent -- 73.5 pence -- to 2955.5.

RBS was also the most traded stock, with 128 million shares changing hands, followed by Lloyds Banking Group with 126 million shares.

Sterling strengthened against the greenback and against the euro.

At 17:31 GMT, the pound was trading at 1.6148 dollars, down from 1.6210 at the same time on Friday.

The British currency meanwhile rose to 1.582 euros down from 1.538 over the same period.

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WASHINGTON – Global stock markets staged an explosive rally Thursday, embracing a move by the Federal Reserve to try to rejuvenate the U.S. economy by buying $600 billion in Treasury bonds.

The Dow Jones industrial average reached its highest point in more than two years, and stocks surged from Tokyo to London.

Elsewhere around the world, economic dominoes began to fall: The dollar sank. Oil prices surged. And Asian countries raised fears that their currencies would rise relative to the dollar, making their exports more expensive.

And some fretted about the prospect of financial instability in Asia and other regions. But stock investors, at least, celebrated the Fed's move.

Fed Chairman Ben Bernanke said the bond purchases would drive down interest rates on mortgages and other borrowing. That could get individuals and businesses to borrow and spend and aid a U.S. economy stuck with 9.6 percent unemployment.

Two developments, in particular, seemed to cheer investors: In announcing its $600 billion bond-buying program, the Fed left the door open to further action later. And in an opinion piece published Thursday, Bernanke envisioned higher stock prices as part of "a virtuous circle." He defined it this way:

Lower interest rates on loans will encourage companies to borrow and expand. Cheaper mortgages will let more people buy or refinance. Higher stock prices will boost the wealth and confidence of both individuals and businesses. Spending will rise, lifting incomes, profits and economic growth.

"A light bulb has gone on" in investors' heads, said Brian Bethune, chief U.S. financial economist at IHS Global Insight. "They're thinking: 'Maybe this will work.'"

The response to the bond-purchase program, dubbed "QE2" because it's the second round of what's called "quantitative easing," was powerful. It cut across all corners of global financial markets:

? Stocks jumped 2 percent in London, 1.9 percent in Paris, 1.6 percent in Hong Kong, 2.2 percent in Tokyo. The Dow Jones industrial average hit its highest level since August 2008, rising nearly 220 points to 11,434. Lower interest rates could spur economic growth and also make stocks more attractive compared with Treasury bonds with puny yields. In India, stocks hit a record.

? The dollar sank to a nine-month low against the euro and fell against the Japanese yen and the British pound. The Fed's bond purchases flood financial markets with dollars, diluting the dollar's value against other currencies.

? Oil prices jumped $1.73 to $86 a barrel. Foreign buyers were attracted to oil because it's priced in dollars. Demand for oil tends to rise when the dollar's value falls, because it becomes a bargain for buyers using other currencies.

? Gold prices hit a record high on fears the Fed's move will unleash inflation. Investors often seek sanctuary in gold, a tangible asset, when they fear that rising prices will erode the value of money.

? China and other countries warned that the Fed risks destabilizing the global economy by printing more dollars, the currency of international commerce. "So long as the world shows no restraint in issuing reserve currencies such as the dollar ... the outcome will be what knowledgeable Westerners dread: Yet another crisis is inevitable," Xia Bin, an adviser to the People's Bank of China, wrote in a commentary.

? Developing countries in Asia complained the money generated by the Fed purchases will join a flood of cash already pouring into the region in search of better returns. That money is pushing up their currencies and hurting their exporters. They also fear that a flood of new dollars will fan inflation, cause price bubbles in stocks and other assets and destabilize their financial systems.

As the Fed's new program drives down yields on U.S. Treasury bonds, many investors will shift money to other countries or riskier investments, such as stocks, that offer better returns.

Rising asset prices can be rewarding, at least in the short run. But over time, they raise the danger that speculators will drive prices of stocks, real estate or other assets so high that a crash, like the U.S. housing bust, becomes inevitable.

That fear is growing in Asia and elsewhere.

"These countries say, 'We cannot even absorb our own savings,'" says Marc Chandler, global head of currency strategy at the investment firm Brown Brothers Harriman. "Now we've got to handle the world's savings?"

They also worry that the "hot money" flooding into their economies will vanish once global investors find another fad to sink their money into. That would burst any bubbles in stocks or other assets, just as in the 1997-98 Asian financial crisis.

In the United States, stocks have been rallying since late August, when Bernanke announced in a speech in Jackson Hole, Wyo., that the Fed was prepared to do more to spur economic growth if necessary.

Fed leaders think Wednesday's action will be the equivalent of a three-quarter-point reduction in the Fed's benchmark interest rate. In normal times, cutting that benchmark rate by three-quarters of a percentage point could give the economy a healthy jolt. But that option is unavailable now because the Fed has already pushed that rate near zero.

Even if the Fed succeeds in reducing long-term interest rates, that doesn't mean banks will automatically ramp up lending.

Mortgage rates have already touched a record low without reviving the housing market. Banks have tightened lending standards, so fewer people qualify for loans. Even consumers who do qualify are reluctant to take on more debt. And businesses are reluctant to borrow to hire and expand until they're confident the economy will pick up.

In making the $600 billion in bond purchases, the Fed essentially prints money. It doesn't increase the debt the Treasury Department sells. Rather, the purchases expand the pool of buyers for that debt by adding the Fed to the mix.

Mindful of the weak U.S. economy and high unemployment, some want the Fed to do more, not less.

Joseph Gagnon, senior fellow at the Peterson Institute for International Economics and a former Fed official, was unimpressed by Wednesday's announcement: "This is a small step in the right direction," he says. "But I view it as timid."

He would like to see the Fed buy twice the $75 billion in bonds that it plans to buy each month. He also suggests the Fed stop paying interest on money that banks have parked with the Fed. That might force them to step up lending.

The Fed made a big impact the first time it announced quantitative easing, in March 2009. Its purchase of $1.7 trillion in government bonds and mortgage securities calmed markets still jittery after the financial crisis of 2008. It sent the Dow soaring 16 percent over the next seven weeks. And the recession ended that June, economists say.

Among those who worry about the risk of inflation or speculative bubbles is Thomas Hoenig, president of the Federal Reserve Bank of Kansas City. Hoenig dissented from the Fed's latest move for those reasons.

Bernanke discounts such fears. In his opinion piece Thursday, he expressed confidence that the Fed has the tools to soak up the extra money when the time comes, without harming the economy.

"We have made all necessary preparations, and we are confident that we have the tools to unwind these policies at the appropriate time," Bernanke said in the article published in The Washington Post.

___

AP Business Writers Jeannine Aversa and Martin Crutsinger in Washington, Joe McDonald in Beijing and Sandy Shore in Denver contributed to this report.

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TOKYO – Asian markets rallied Friday after U.S. shares closed at their highest level since just before Lehman Brothers collapsed in 2008 as the Fed's latest attempt to lower long-term interest rates sent investors flocking to stocks.

Japan's benchmark Nikkei 225 stock index jumped 251.52 points, or 2.7 percent, to 9,610.30 in the morning session. South Korea's Kospi added 0.5 percent to 1,952.30 and Australia's S&P/ASX 200 gained 1.0 percent to 4,867.60.

Hong Kong's Hang Seng index climbed 1.5 percent to 24,914.60. China's Shanghai Composite Index rose 1.1 percent to 3,120.81. Shares in New Zealand, Singapore and Taiwan were all higher.

In New York, the Dow Jones industrial average surged 219 points, or 1.9 percent, to close at 11,434.84 on Thursday, the highest closing level since just before Lehman Brothers went under in September 2008, triggering the global financial crisis.

The Federal Reserve's decision Wednesday to spend $600 billion buying Treasury bonds over the next eight months in an attempt to spur economic growth is expected to lower long-term interest rates, making stocks a more attractive investment.

The move has also boosted the prices of commodities like oil since expectations the Fed would increase the money supply have weakened the dollar, which is the currency most commodities are traded in. A weaker dollar makes commodities more attractive to investors holding other currencies.

In currencies, the dollar inched up to 80.78 yen from 80.73 yen in New York late Thursday. The euro rose to $1.4212 from $1.4211

Benchmark crude for December delivery was up 40 cents at $86.89 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.80 to settle at $86.49 a barrel on the New York Mercantile Exchange.

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Dow Jones in stir-fry to a maximum of two fresh years, earning more than 170 points - or 1. 5pc - 11,386 - yesterday it 0. Pink 2pc after the Fed describes his plan link purchase. The broader S & P 500 gained 1. 3pc and technology-rich Nasdaq was increased by 1. 2pc.

US retailers reported strong sales in October and has helped to lift shares with gap until early commercial 7pc 4pc Macy.Preuve U.S. shoppers were more spending on traders assisted clothes get rid of an increase in the number of new claims for unemployment higher than expected.

Actions around the world was supported by the decision of the Federal Reserve to introduce quantitative easing most of creating more money and to increase the supply of money in the economy - which will need to buy $grant to Treasury bonds a month until next June.

"We believe QE2 will be more efficient that investors realize," Andrew Garthwaite, London head of global strategy for equity Credit Switzerland wrote in a report."Remain us overweight actions."

Positive feelings have lifted the other major awards European and Asian .the ' Germany DAX rose 1 65pc, CAC-40 France 8pc 1 and 2 2pc, despite pressures on exporters the dollar fell below the level of yen 81.Hong Kong Hang Seng added 1 6pc and Shanghai Composite Japan Nikkei China closed until 1 9pc to a maximum of seven months of 3,086.94.

Although the prospect of more money into the financial system has been a boon for stocks, dollar tombé.Le dollar is at its lowest level since December 2009 against a broad basket of currencies and secured against this index Thursday 1pc.

Finance Ministers in emerging as China and the Brazil criticized the Fed stimulus plan and said that additional supply of dollars of investment could lead to bubble in their country.

Sterling is increased to its highest in nine months against the dollar - briefly striking $1.63 - Thursday after the Bank of England held the interest rate and unlike conserved United States its programme for the purchase of goods organize according to the economic recovery signs United Kingdom is on the right track.

The pink 1pc of euro against the dollar as investors has increased tolerance to risk on inflation and growth forecasts in the euro area after the departure of the European Central Bank reference interest rates unchanged as expected.

In London, rising stock prices was assisted by a 6 1pc miner BHP jump, partly due to the decision of the Federal Reserve and the rest the outcome of the Canada block its $remained hostile to group potash fertilizer.

Other minor grew strongly and with the rise of Natural Resources, Xstrata, Kazakhmys and Rio Tinto between 5 1pc and 6 9pc.

Good new business has also helped the man mounted 14pc sentiments.Groupe upwards classification FTSE after that most large listed company hedge funds world beats its own first half profit forecasts and announces the resumption of the assets of the client.

The firm, which saw eight straight quarters of net, said customer assets rose to $40. 5bn at the end of September. against estimates of $39. 5bn in September.

Unilever, the consumer goods group increased by 5 3pc after an optimistic statement in its ability to raise prices and to reduce the cost of commodity prices higher that it corresponded forecasts with a counter rising sales of third quarter.

"Consensus beating results continue to be favourable to the market with the authorities in fact appear to be prepared ready and able to support the economic recovery, which is good news", Henk Potts, Barclays Wealth, equity strategist said.

The rise is tempered by a 4 6pc fall at Rolls Royce after Qantas Airways flights suspended its fleet of Airbus A380 after the failure which led to an emergency landing at Singapore Rolls-Royce Trent 900 engine.

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LONDON (AFP) – Europe's main stock markets accelerated opening gains on Thursday, as investors welcomed news that the US Federal Reserve launched a second wave of quantitative easing measures overnight.

In morning trade, London's benchmark FTSE 100 index of top shares leapt 1.74 percent to 5,849.01 points, Frankfurt's DAX 30 added 1.42 percent to 6,711.69 points and in Paris the CAC 40 soared 1.99 percent to 3,919.48.

At the same time, the US dollar plunged to the lowest level against the euro for more than nine months on the back of the move.

"Although the Federal Reserve's decision to pump further funds into the US economy hardly came as a surprise, it certainly seems to have kick-started the equity market this morning," said ETX Capital trader Manoj Ladwa.

"The FTSE has smashed through the previous high of 5,800 points and with the positive momentum, 6000 seems to be the next level for traders to gun for."

Asian equities also responded positively after the Fed announced overnight that it will launch a new 600-billion-dollar (423-billion-euro) asset-buying plan, known as quantitative easing (QE), to bolster the sluggish US recovery.

Tokyo soared 2.17 percent in value and Shanghai added 1.85 percent to finish close to a seven-month peak.

The US central bank's move was slightly higher than market expectations for around 500 billion dollars of additional QE measures.

However, sentiment remained cautious in Europe ahead of interest rate announcements from the Bank of England and the European Central Bank later on Thursday.

"The Fed chose to abstain from doing harm to the markets by announcing QE2 details roughly in line with what the majority of market participants have been expecting all along," said Societe Generale analyst Vincent Chaigneau.

Wall Street won some ground on Wednesday as traders weighed the Fed's multi-billion-dollar move, alongside a Republican victory in Congress.

The blue-chip Dow Jones Industrial Average rose 0.24 percent to close at 11,215.13 points.

The Federal Open Market Committee (FOMC) said Wednesday it would buy up new Treasury debt at a rate of around 75 billion dollars a month, a scale not seen since the depths of the 2008-2009 economic crisis.

While the Fed took similar measures during the crisis and has rolled over those expiring purchases, the expanded spending is unprecedented when the economy is not teetering on the edge of collapse.

The move followed Tuesday's mid-term elections in which control of the House of Representatives shifted to Republicans, who have called for less government interference in the US economy.

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Index of London actions increased 109.79 or 1. 9pc to stock early milestone 5,858.76 join worldwide stock rally after the Fed said it would buy $600bn (￡ 371bn) in a further attempt to revive the flagging economy U.S. Government obligations.

CAC - 40 the France increased 2 1pc and acquired Japan Nikkei 2 2pc, despite the pressures on exporters as the dollar fell below the level of yen 81 Germany's DAX rose to 1 2pc.

Hong Kong Hang Seng added 1. 6pc and Shanghai Composite China closed until 1. 9pc to a maximum of seven months of 3,086.94.

New York, Wednesday, the Dow Jones industrial average rose 26.41 points, either 0 2pc, 11,215.13, nearest within two years after the Fed describes his plan link purchase.

"We believe QE2 will be more efficient that investors realize," Andrew Garthwaite, London head of global strategy for equity Credit Switzerland wrote in a report."Remain us overweight actions."

In London, rising stock prices was assisted by a jump in miner BHP, 3pc 4 part of the decision of the Federal Reserve and the rest the outcome of the Canada block its $remained hostile to group potash fertilizer.

Other minor grew strongly and with Xstrata, riches, Anglo American and Rio Tinto totalling between 3 8pc and 4 8pc.

Good new business has also helped man mounted 7 1pc sentiments.Groupe upwards classification FTSE hedge funds listed largest worldwide firm beats its own first half profit forecasts and announces the resumption of the assets of the client.

The firm, which saw eight straight quarters of net, said customer assets rose to $40. 5bn at the end of September. against estimates of $39. 5bn in September.

Unilever, the consumer goods group increased by 5 6pc after an optimistic statement in its ability to raise prices and to reduce the cost of commodity prices higher that it corresponded forecasts with a counter rising sales of third quarter.

"Consensus beating results continue to be favourable to the market with the authorities in fact appear to be prepared ready and able to support the economic recovery, which is good news", Henk Potts, Barclays Wealth, equity strategist said.

The rise is tempered by a 2pc 3 fall at Rolls Royce after Qantas Airways flights suspended its fleet of Airbus A380 after the failure which led to an emergency landing at Singapore Rolls-Royce Trent 900 engine.

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Index of standard & Poor 500 finish 0 8pc higher 1,193.57, its highest end since May 3, on polling day. The Dow Jones Industrial Average ended at its highest level since April 26, 0 8pc 11,188.72 closure.

Amounting to anemic recovery of the economy, investors frustration appears hopeful that seizure of likely Republican control in the House of representatives and the huge gains in the Senate could force policies more favourable for companies who need jobs manquants.Avec Americans vote again in the extreme west of the country, the Republicans have been chalking already important victories over East.

A Chamber under Republican control of representatives would be equipped to provide a further and influence on the policies of President Obama review. Health administration, which will be hand 30 American m for the first time, health care reform has proved unpopular with companies which complained that it adds to their costs at a time when the recovery remains fragile.

Even if there is a considerable fear that a Washington divided will result in deadlock, history suggests that the US stock market performs well when a Republican Congress and a Democrat to the maison-blanche.S & P generated 15pc average annual gains.

The first real test of the new balance of power between the White House and Congress will discuss Division. tax reductions in 2001 tax cuts and George Bush's 2003 shall expire at the end of the year, and President Obama is committed to expanding their persons with an income less than $200,000.Republicans argue that reductions should be extended to the wealthiest Americans as they claim that his group is more likely to invest and create jobs.

"The elections have the opportunity to have a positive impact, said Barry Knapp, who leads a Barclays Capital stock strategy in New York." A full extension of the tax cuts would give business confidence boost.?

However, as most of the financial markets in a week described as "sensory overload", Mr. Knapp will be paying more attention to upcoming relocation of quantitative easing (QE) - Federal Reserve or printing money .Wall Street now expect the Fed Chairman Ben Bernanke release today another $500bn of EQ to reduce long-term interest rates and to stimulate investment in economy facing serious headwinds.

Whatever the size of the move, it will be more controversial than the first EQ, entered in the months after the financial system collapsed in late 2008, nearly took world investors elle.Certains economy remain skeptical that first, 1.7 trillion dollars injected into the economy helped and fear that it could fuel inflation.

"Fed Chairman Bernanke has made it clear that he would do everything what it can do so that the US economy pull a Japan" said Joseph Balestrino, fixed income strategist to Federated Investors Inc. in Pittsburgh, which manages the $336bn."" means a risk reduced double dip, plus.Nous alone are simply not convinced that however much pushing us Federal Reserve, he may change the rut of slow growth in that we're stuck."

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