Stocks have big day

Though the Dow gets much of the attention among non-market types it's the S&P 500-stock index that Wall Street followers regard as the better measurement of what's happening. And today, the S&P crossed 1,000 points for the first time since those dark days in early November. Of course, it's still off more than a third from its all-time highs. From the NYT:

As Wall Street headed higher for another day, waves of optimism about global industry lifted financial markets and lifted the price of oil, grains metals and other commodities, as traders bet that a recovery would lift global consumption and revive the demand for raw materials. Automakers were reaping a boost in sales from the government's "cash for clunkers" program, which gives credits to motorists who trade in their cars for new, more fuel efficient ones. The Ford Motor Company reported that sales rose 2.3 percent in July, its first monthly sales increase since 2007.

The Dow was up 115 points.