posted on October 18, 2006 01:38:35 PM new
Another bit of GREAT news.....
Dow Jones Industrials Surge Over 12,000 for First Time
Wednesday, October 18, 2006
NEW YORK — The Dow Jones industrial average cracked 12,000 for the first time on Wednesday, furthering its recent record-breaking streak into never-before-reached territory on the back of upbeat inflation news.
The index of 30 big-name stocks surpassed the milestone just after trading began, rising as high as 12,049.51, before pulling back as the market's initial wave of enthusiasm dissipated and investors cashed in some of their gains. The fact that the markets didn't barrel higher shows some healthy caution especially given that many companies have yet to report third-quarter results.
It took the Dow 7 1/2 years to make the trip from 11,000, having been pummeled during that time by the dot-com bust, recession and the aftermath of the 2001 terror attacks.
That slow trek was a striking contrast with the Dow's sprint from 10,000 to 11,000 in just 24 days in the spring of 1999, during the heady days of the Internet boom.
The Dow, whose stocks include blue chips such as International Business Machines Corp. (IBM), Microsoft Corp. (IBM) and Wal-Mart Stores Inc. (WMT), has risen well over 300 points so far this month as oil prices retreated below $60 a barrel and it appeared the economy was headed for a soft landing after more than two years of interest rate increases.
The Dow had already set closing records seven times during the past two weeks.
The Dow's quick move past 12,000 Wednesday came after a Labor Department report indicated consumer price pressures are leveling off and third-quarter earnings reports from companies including IBM bolstered investors' confidence.
In midafternoon trading, the Dow was up 20.17, or 0.17 percent, at 11,970.19.
Broader stock indicators moved slightly lower. The Standard & Poor's 500 index was down 1.73, or 0.13 percent, at 1,362.32, and the Nasdaq composite index fell 11.92, or 0.51 percent, to 2,333.03.
Bonds showed little movement, with the yield on the benchmark 10-year Treasury flat with 4.77 percent from late Tuesday.
The dollar was mixed against other major currencies, while gold prices fell.
Light, sweet crude fell $1.43 to $57.50 a barrel on the New York Mercantile Exchange. The Energy Department said U.S. crude inventories rose more than expected last week, though gasoline stores fell.
Investors' relief over oil's decline from a high of $78.40 has given Wall Street an unusually strong October and powered the Dow higher; some of the market's worst days, including the 1929 and 1987 crashes, have been in October. And it was on Oct. 9, 2002, in the depths of the bear market, that the major indexes fell to their lowest levels in five and six years - the Dow closed that day at 7,286.27.
Today it closed at 11,992.68
That's great proof the economy is upbeat...so unlike the liberal whiners wish it were.
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And rusty, logan - I ALREADY posted the FACTS in my first post about the economy.
That the two of you choose to remain in DENIAL that our economy is in great shape.....is your issue not mine. It won't matter whether either of you agree or not.....things have GREATLY improved.
Be aware I never expect to change the minds of the ignorant nor the fools. You can think what you wish....it won't change the FACTS.
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While the democratic party complains about everything THIS President does to protect our Nation:
What would a Democrat president have done at that point? Apparently, the answer is: Sit back and wait for the next terrorist attack.
Ann Coulter
[ edited by Linda_K on Oct 18, 2006 01:42 PM ]
Absolute faith has been shown, consistently, to breed intolerance. And intolerance, history teaches us, again and again, begets violence.
---------------------------------- The duty of a patriot in this time and place is to ask questions, to demand answers, to understand where our nation is headed and why. If the answers you get do not suit you, or if they frighten you, or if they anger you, it is your duty as a patriot to dissent. Freedom does not begin with blind acceptance and with a flag. Freedom begins when you say 'No.'
posted on October 18, 2006 02:55:36 PM new
LOL.....hopefully they FINALLY learn how to handle their money correctly. LOL
This is a perfect example of a couple using equity they DIDN'T HAVE in their home...and making THEIR OWN situation WORSE. All by themselves, logansdad.
Had NOTHING to do with this administration or anything else. It was their OWN poor money management problems. LOL
God...you must walk around with a black cloud over your head....looking for ANY desperate thing you can to blame on this administration. How sad for you.
I'd expect their STUPID choices to have a negative outcome.
While the democratic party complains about everything THIS President does to protect our Nation:
What would a Democrat president have done at that point? Apparently, the answer is: Sit back and wait for the next terrorist attack.
Ann Coulter
