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NEW YORK (AP) -- The Dow Jones industrial average scored its first close above 12,000 Thursday as Wall Street, undaunted despite evidence of a weaker economy, held fast to a slim advance. The stock market's most prominent benchmark ended the day at 12,011.73, the ninth time in just over two weeks that the Dow has achieved a record high close. The record came one day after the index of 30 blue chip stocks made its first foray past 12,000.
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The Dow's latest milestone came on the anniversary of Black Monday in 1987, when the Dow plunged 508 points and also suffered its second-biggest percentage drop in history. The Dow finished that day at 1,793.90, far from Thursday's record.
The finish above 12,000 was the latest sign that the stock market continues a cautious recovery from the losses and despair investors suffered in the early part of this decade. After peaking in early 2000, the Dow and other indexes fell precipitously amid the dot-com collapse, recession and the impact of the Sept. 11, 2001, terror attacks.
Still, trading was erratic Thursday, with the overall market struggling to sustain an advance after a pair of reports signaled the Federal Reserve might have a tougher time orchestrating a soft landing of the economy. Disappointing earnings in the technology sector also weighed on stocks.
The Conference Board's index of U.S. leading economic indicators rose less than forecast in September. Meanwhile, the Philadelphia Fed's general economic index contracted for the first time since April 2003. The numbers rattled investors who had been sending stocks higher since September on optimism the Fed might even cut rates in early 2007.
At the close, the Dow rose 19.05, or 0.16 percent. On Wednesday, the Dow rose as high as 12,049.51, which stands as its trading high; the index then fell back below 12,000 as many investors turned conservative and decided to cash in some profits.
Broader stock indicators also advanced Thursday. The Standard & Poor's 500 index rose 1.00 or 0.07 percent, to 1,366.96, and the Nasdaq composite index rose 3.79, or 0.16 percent, to 2,340.94.
Bonds fell, with the yield on the benchmark 10-year Treasury note rising to 4.79 percent from 4.76 percent late Wednesday. The dollar was mixed against other major currencies, while gold prices rose.
Oil prices rose ahead of OPEC's meeting to discuss a possible cut of 1 million barrels a day to prop up prices. A barrel of light sweet crude rose 85 cents to $58.50 on the New York Mercantile Exchange.
Many analysts, who use the S&P 500 as their benchmark, shrugged off the Dow's move.
"There's a lot of fanfare about 12,000, but it's just another number," said David Darst, chief investment strategist for Morgan Stanley's global wealth management group. "The real story is that there is a river of liquidity that is flowing through the market. ... The 12,000 number is one more confirmation of that."
The Dow was able to stay above 12,000 despite uncertainty about the slew of third-quarter earnings reports that have yet to be released. Thursday's reports were mixed, but there was enough confidence in the market to sustain the advance.
Coca-Cola Co., a Dow component, reported quarterly profit rose 14 percent, aided by sales in Europe due to the World Cup soccer promotions and growth in emerging markets. The results surpassed Wall Street projections. Shares rose 95 cents, or 2.2 percent, to $44.91.
Meanwhile, Pfizer Inc., also a Dow stock, reported third-quarter profit more than doubled from a year ago when results were hurt by an acquisition charge. The world's largest drugmaker also promised more cost cutting in years ahead. Shares of Pfizer fell 42 cents to $27.68 after spending most of the day in positive territory.
Another bright spot was Apple Computer Inc., which surged after reporting stronger-than-expected fiscal fourth-quarter results. Driving profit were sales of its iPod music players and Macintosh computers.
Its shares rose $4.46, or 6 percent, to $78.99.
After the close of regular trading, Google Inc. reported third-quarter profit above Wall Street forecasts, citing strong contributions from its international operations and with its various partnerships. The stock rose $6.75 to $426.06 in the regular session, then tacked on another 6.8 percent to $454.93 in after-hours trading.
However, investors were rattled by Advanced Micro Devices Corp.'s quarterly report in which it signaled falling profit margins and lower desktop processor prices. The world's No. 2 chip maker reported a 77 percent jump in profit from the year-ago period. It fell $3.22, or 13.3 percent, to $21.01 in regular dealings.
Also falling was Nokia Corp. after the handset maker posted a 4 percent decline in third-quarter profit as it took a hit from one-time charges and saw profit margins erode. Nokia fell 52 cents, or 2.6 percent, to $19.35.
Dell Inc. dropped $1.58, or 6.4 percent, to $23.12 after two research firms said rival Hewlett-Packard Co. surpassed it as the world leader in personal computer shipments.
Advancing issues outnumbered decliners by almost 4 to 3 on the New York Stock Exchange, where consolidated volume came to 2.65 billion, compared to 2.62 billion at the same point Wednesday.
The Russell 2000 index of smaller companies was up 3.98, or 0.52 percent, at 767.39.
Overseas, Japan's Nikkei stock average closed lower by 0.61 percent. Britain's FTSE 100 was up 0.09 percent, Germany's DAX index was down 0.09 percent, and France's CAC-40 fell 0.03 percent.
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And I can't wait until it crashes and burns. It will crash and burn soon. Then my euro will be worth even more money and I will get to take more money out of the hands of the US banks.
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If and when the Nasdaq moves, it will have some effect on pennies overall... The DOW however doesn't have anything to do with pennies and has no effect what so ever.
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Good morning America. Are you joking? Your Dow has reached record levels. But what does history tell? When your Dow reaches record levels, crash and burn baby! And your dollar will continue to erode away like your California coastline. And when you come to my fair city and pack out the coffee bars it will cost you more money to get high and get over your American depression and anger.
On a side, I wonder how many Iraqui's will die today thanks to the American occupying army?
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quote:Originally posted by Nirvana: Good morning America. Are you joking? Your Dow has reached record levels. But what does history tell? When your Dow reaches record levels, crash and burn baby! And your dollar will continue to erode away like your California coastline. And when you come to my fair city and pack out the coffee bars it will cost you more money to get high and get over your American depression and anger.
On a side, I wonder how many Iraqui's will die today thanks to the American occupying army?
I wish they would all die today. Then I could open an Oasis Surf Shop.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM!
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When an Iraqi politician can go to work for a whole month without a death threat?
When mass graves and/or piles of bodies killed by "death squads" are no longer found on a regular basis?
There are more than Americans doing the killing Nirvana. The sectarian violence has killed as many civillians as the American military. It is sad that so many have died but when you are fighting an enemy that won't show their face...your only choice is to shoot in the direction you are being shot from.
BF
-------------------- No longer eligible for government service due to lack of tax issues.
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Kurt why you trying so hard? You see most of the people on this board are against the war yet you continue to hate on US? I think its ENVY.
The other day your casualty toll was 750k. What happened 150k were resurrected? Hey what a coincidence, isnt Amsterdams population 750k?
Get over US, Your "village" is a theme park for US and nothing more. Its our Disneyland for stoners. You just happen to live within "our dopers park". So how do you fit into the scheme? Novelty store manager? Fluffer? Im gonna go with Carnie.
Go down to the Red-light district and have one of the she-males urinate on you just how you guys like.....
itll be my treat!
-------------------- "Simplicity is the ultimate sophistication"
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quote:Originally posted by The Bigfoot: When an Iraqi can walk home safe at night?
When an Iraqi politician can go to work for a whole month without a death threat?
When mass graves and/or piles of bodies killed by "death squads" are no longer found on a regular basis?
There are more than Americans doing the killing Nirvana. The sectarian violence has killed as many civillians as the American military. It is sad that so many have died but when you are fighting an enemy that won't show their face...your only choice is to shoot in the direction you are being shot from.
BF
BF Dont even bother. The dope has no clue. Gets all his info from French news-papers and his "coffee shops"
The sectarian violence sole purpose is to INFLATE the civilian casualty numbers while causing strife and destabilization. Ill bet anything Iran and Syria are behind the original "death squads". Just until it got hot enough to burn on its own. Its all part of their media campaign. This is why their using such gruesome tactics(drilling holes in the victims etc) They know our masochistic media will play into their hands every time.
These civilians are being killed for media sensationalizing and nothing more...ya know kinda like the beheading fad the world went through almost two years ago. What appeared to be a ritual turned out to be "MEDIA FOOD."
So now the beheaders are unemployed and the carpenters(drillers) acid pitchers have work for now....Until they feel this too has lost its shock value
-------------------- "Simplicity is the ultimate sophistication"
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The sad thing is.... the opposition knows that the Democratic party will spin and blame ANY Iraqi death (no matter how its perpatrated) on our presence.
-------------------- "Simplicity is the ultimate sophistication"
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Yes or no, were there sectarian killings before the US invasion of Iraq? Sadam was killed 300,000 people during his reign. Twice that many were killed in just 3 years of the ocupation. Terrorism bombings are up 800% in Iraq since the US invasion.
What is working. Why are US troops dying for this insanity and this insanity president running a ridiculous policy?
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Saddam was responsible for over 1 million deaths...Our military is responsible for a small fraction of the 600k you keep posting (48k). Which is still a disgusting figure but we dont need dopes like you padding numbers
you keep playing into the sectarians hands, they'll keep killing away.
-------------------- "Simplicity is the ultimate sophistication"
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Break up the country into 3 regions. Put U.S. troops in the North with the Kurds, where they love us, and protect 50% of Iraq's oil supply (out of Kirkuk). Let the rest kill each other.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM!
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Iraq became a guaranteed loss the instant the U.S. invaded.
Yhe sick thing is that everybody in the world (including the non-chest thumping republicans) except the chest thumping republicans already knew that before the invasion, tried to tell them, and were called traitors or anti-American for doing so.
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quote:Originally posted by Relentless.: If and when the Nasdaq moves, it will have some effect on pennies overall... The DOW however doesn't have anything to do with pennies and has no effect what so ever.
Actually your wrong... The Dow/NYSE effects everything.. when it goes up alot or down alot if effects NASDAQ which in turn effects OTCBB and down to Pinksheets.. it's a domino effect.. so Indirectly it does effect pennies of all kinds whether Pennies on NASDAQ, OTCBB or Pinksheets.
As for Nirvana as much as I think he is ignorant about our country because he goes by Anti American ..European media.. I think he is right about the Dow and it will crash because much like watching a stock whose RSI is overbought the Dow will do a pullback or crash through support and that will spell opportunities for people who trade Big Board stocks and want to short stocks.... get your sell buttons ready...
As for the U.S. dollar weakening it would mean products for import to European countries will be cheaper and our export sales to those countries will go up ... so let the dollar weaken against the Euro... Plus if you play Forex you can also short the Eur/Usd currency pair.. I'm a capitalist more then I'm a nationalist so again let it weaken...
-------------------- Let the world change you... And you can change the world.
quote:Originally posted by Repoman75: Break up the country into 3 regions. Put U.S. troops in the North with the Kurds, where they love us, and protect 50% of Iraq's oil supply (out of Kirkuk). Let the rest kill each other.
Turkey doesn't want that..
i amnot completely sure why, but it has something to do with them not liking the Kurds either...
i would expect the oil co's to like that idea too...
-easier to bribe locals- bu ththere's more of 'em to deal with...
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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quote:Originally posted by Repoman75: Break up the country into 3 regions. Put U.S. troops in the North with the Kurds, where they love us, and protect 50% of Iraq's oil supply (out of Kirkuk). Let the rest kill each other.
Consider were already in there and it's too late to get out without saving face.. I would go with that... The Kurds are about the only ones who want us there.
-------------------- Let the world change you... And you can change the world.
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The kurds are using us the same as we are using them. not thats its a bad thing but when their agenda is met they will want US gone as well. And would turn on us in a heart beat
-------------------- "Simplicity is the ultimate sophistication"
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