The Dow Jones Industrial Average, composed of 30 securities traded on the New York Stock Exchange, which this evening is decorated with a patriotic display, closed above 11,000 today for the first time since June 2001. That’s great! This is a sign that by the time President Bush leaves office, the Dow might actually be higher than the 10,732 it was when he took office. (The stock market has typically done better under Democrats than it has under Republicans, but the difference between the Dow’s 187 percent increase under Clinton, and its stasis under Bush, is particularly stark.)
The good news for the stock market isn’t going to help one small business a few blocks from the exchange. The New York Stocking Exchange, a mom-and-pop lingerie shop at Broadway and Dey Street, is going out of business after 14 years.
- Which Party in the White House Means Good Times for Investors? [Hal R. Varian @ the NYT]
- Taking ‘Stock’ [Kevin Drum/Steve Benen @ the Washington Monthly]
- MTA Sends Notice To Businesses Being Forced Out By New Transit Hub [NY1 News]
I’ve seen a bunch of shops in my area lose their lease lately having closing sales. Rents are getting too high for retail clothing, even up by 86th Street. A few are sitting empty for months now. I wonder if the landlords are over-reaching? 2nd Ave Deli is another example…