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Dow Jones Industrial Average Closes Above 11,000
Topic Started: Monday Jan 9 2006, 11:10 PM (236 Views)
WeatherManNX01
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The Yanks are coming!

From CNBC:
CNBC,Jan. 9 2006
6:30 PM EST
Dow Closes Above 11,000

6:30 p.m. ET:
The Dow has its best close since June 2001, thanks to an upgrade of General Motors and lower energy prices. Alcoa earnings disappoint. Boston Scientific ups ante for Guidant. Downgrades hurt IBM, Amazon.com.

Rally on! For the first time since June 7, 2001, the Dow Jones Industrial Average closed above 11,000.

Better yet, if you're a bull, the Dow has been rising pretty steadily since Oct. 21. So have the other major averages. The Dow closed up more than 52 points today to 11,011.90. The Standard & Poor's 500 Index was up 4.6 points, and the Nasdaq Composite, which has led the market so far this year, was up another 13.1 points.

"A strong close today is going to be suggestive of a strong year," said Joseph McAlinden, chief investment officer at Morgan Stanley Investment Management, on CNBC's "Street Signs." He expects the Dow to clear 12,000 this year, which would eclipse the Dow's all-time high close of 11,722.98 on Jan. 14, 2000.

While the Dow is up, its performance in the last year or so has lagged just about all major averages. It is still about 6% below that all-time high. The Nasdaq and S&P 500 both hit five-year highs today, and such indexes as the Amex Disk Drive Index ($DDX.X, news, msgs) and the Amex Biotechnology Index ($BTK.X, news, msgs) hit all-time highs.

How long can this run-up last? No rally goes on forever, so expect the market to pull back before long. The market could be pressured tomorrow because of weaker-than-expected results from Dow component Alcoa (AA, news, msgs). Alcoa's shares were down more than 3% in after-hours trading.

The Dow crossed the psychologically-important level at 1:11 p.m. before falling back a bit. It re-crossed at 1:20 p.m. and fell back again. Then, traders began pushing the average higher, starting at about 3:30 p.m.

The Dow has made several runs at the 11,000 level in the last year -- coming within four points of that mark in March -- but always has fallen back before clearing that hurdle. While 11,000 is purely a psychological barrier, some analysts believe finally topping 11,000 will clear the way for stocks to continue their rally.
Wow. I didn't think I would see it happen this soon. And GM's rating was given a boost! :o
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PSUSyr5
The Board Idiot

Eh, I don't know that much about the stock market. To me 11 thousand is just simply another number. I'm sure there's some significance but whatever. All I know is that a few years ago my mom wanted to buy stocks in Google and IBM and would have made a lot of money on them.
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Oh Canada!
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Hooray for GM! Buy American! :P
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WeatherManNX01
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The Yanks are coming!

Mark
Jan 12 2006, 12:23 PM
Hooray for GM! Buy American! :P

Well, Posted Image to you. Hooray for Honda! :P
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PSUSyr5
The Board Idiot

I don't care what car you get as long as it's AMERICAN!

GO CHRYSLER FORD AND GM! WHOO!
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