The Dow breaking above 11,000 might be a nice holiday present for the U.S. economy in that it should boost the confidence of both consumers and businesses and lay the basis for a livelier-than-expected 2006.

(The numbers) tell us that manufacturing is in pretty good shape.

That will enhance the pricing power of remaining producers.

What we are seeing is a relatively low level of unemployment claims.

That's a prime example of where higher energy prices can rein in core [non-energy] inflation.

As certain as it is that the sun rises in the east, the Fed will be hiking its benchmark interest rates to 4%.

Travel is good, restaurant sales are brisk, and we find an acceleration of retail sales that surprises me.

It's possible that if businesses feel more confident about the future, given that the Dow has broken above 11,000, they might be more inclined to step up capital spending, undertake more in terms of product development, including R&D, all of which would add to employment.

Today's extraordinarily low real borrowing costs just might spare the U.S. economy from another energy-related slump.