Dow rises to record high

Discussion in 'Financial Cents' started by Quigley_Sharps, Oct 12, 2006.

  1. Quigley_Sharps

    Quigley_Sharps The Badministrator Administrator Founding Member

    NEW YORK - The Dow Jones industrial average broke through 11,900 to close at a record high Thursday, boosted by optimism over the health of corporate earnings.

    According to preliminary calculations, the Dow Jones industrial average rose 95.57, or 0.81 percent, to 11,947.70. The previous record close from Tuesday was 11,867.17.

    The index's gain marked its fifth record close in two weeks. The intraday high set Thursday was 11,959.63, eclipsing an earlier record of 11,872.94 set Monday.

    The markets were more upbeat than on Wednesday, which saw a lackluster start to earnings season. On Thursday, investors shrugged off some economic data that could stir concerns about the health of the economy and instead focused on positive news from McDonald's Corp. and on oil prices, which remain near lows for the year.

    "In general, we're getting friendly reports between oil inventories being up higher than expected and then some bellwether companies that are exceeding estimates," said John C. Forelli, portfolio manager for Independence Investment LLC in Boston.

    Broader stock indicators also moved higher. The Standard & Poor's 500 index was up 12.88, or 0.95 percent, at 1,362.83, and the Nasdaq composite index showed the day's biggest gain, advancing 37.91, or 1.64 percent, to 2,346.18.
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