Dow Jones Industrial Average (click on image for better view)
These are the charts of the DJ INDU and the SP500 as of the intraday high (not the closing price) of the 2nd of September 2008 (from the bottom of the 15fh of July 2008 (closing prices)) in terms of percentage change (as an update of the graphs I published two weeks ago here)
Check how the major US indices perform in terms of USD, EUR and XAU.
Interestingly, Bloomberg published this article today [emphasis added]:
I don't need add anything to this last sentence: 62% rise in profits by the end of the year!!
Sept. 2 (Bloomberg) -- The best already may be over for the U.S. stock market this year.
The Standard & Poor's 500 Index, which had the worst first half since 2002, added 0.2 percent this quarter, the only gain among the world's 10 biggest markets in dollar terms. Shares in the benchmark index for American equity climbed to an average 25.8 times reported profits, the highest valuation in five years. The last time that happened, the S&P 500 fell 38 percent.
Money managers at Federated Investors Inc., Russell Investments and Morgan Asset Management, which oversee a combined $600 billion, said the gains won't last because corporate profits will fail to meet analysts' estimates. Wall Street forecasters, who were too optimistic about earnings for the past four quarters, predict income at America's biggest companies will grow by a record 62 percent in the final three months of 2008, according to data compiled by S&P.