The U.S. may still be in a recession, with unemployment headed to 10%. But the second quarter of 2009 went in the record books with a very good performance after the dark days of winter.
Officially, the Dow was up 11% for the three-month period, with stocks trying to extend their gains on Wednesday. Economic data continues to be mixed, with a lot of minor numbers floating around this week until the big release of June employment on Thursday, just as investors hope to get away for a long weekend.
Despite second quarter gains, markets appear mostly to be simmering at the moment. The Dow keeps flirting with its 200-day moving average, and bulls where cheered last week when its 25-day moving average passed over the longer-term benchmark. Still, there's clearly a sense that no one really knows what's next, even those touting an end to the recession later this year.
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