Blue-chip average reaches key milestone following better-than-expected results from JPMorgan and Intel.
NEW YORK (CNNMoney.com) -- Stocks rallied Wednesday afternoon, with the Dow industrials briefly touching 10,000 for the first time in over a year, following better-than-expected quarterly profit reports from Intel and JPMorgan Chase.
The Dow Jones industrial average (INDU)rose as high as 10,001.58 with about 2-1/2 hours left in the session. It then stepped back slightly, to a gain of 128 points, or 1.3%, to 9,997.
The last time the Dow crossed 10,000 during a trading session was Oct. 7, 2008, when it briefly touched 10,124.03.
The S&P 500 (SPX) index rose 15 points, or 1.4%, and the Nasdaq composite (COMP) added 28 points, or 1.3%.
The advance was broad-based, with 25 of 30 Dow stocks rising. JPMorgan Chase (JPM, Fortune 500), Caterpillar (CAT, Fortune 500), Chevron (CVX, Fortune 500), IBM (IBM, Fortune 500), 3M (MMM, Fortune 500), United Technologies (UTX, Fortune 500) and Exxon Mobil (XOM, Fortune 500) were the biggest contributors to the Dow's gains.
"Today's market action is all about Intel and JPMorgan and just earnings in general," said Tom Schrader, managing director at Stifel Nicolaus.
He said that the weak retail sales report, also released Wednesday morning, indicates that the economic recovery is not going to be smooth-sailing. But regardless, "people are looking forward."
Stocks struggled Tuesday as a weak financial sector and disappointment about Johnson & Johnson (JNJ, Fortune 500)'s results kept the Dow away from 10,000.
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11 comments:
The stock market is not safe. It is gambling, and the house is cheating.
No surprise Chase is a big winner, scumbags.
is the left wing fringe media giving obama credit for it yet ?
Quick!! Get your money in right now!!
The economy is finally showing signs of recovery because .gov said so.
How many Angels will he send down? 10,000.00 ANGELS...
6:08. Proof that no matter what, Obama can never do right in the eyes of a right-wing idealogue.
Most of you don't realize that while you're curled up scared and screaming socialist while spending your dollars on guns, the more sane portion of the population, especially the business savy, are making big bucks by picking up stocks for bargain prices. They'll sale them all to you bozos when you jump on the wagon late, then laugh all the way to the bank when prices tumble.
Theres some fool shouting in the desert.
As the dollar stormed ahead in its assault on world exchanges, I was glad to hear the recession is over. I see in our area that construction has new life, and the contracters have vowed to use local, legal help. American auto industry is booming, ln no small part due to the UAW's pledge to wage and benefits that reflect their products quality. As we know, dealerships are re-opening, and new auto brands wait in the wings. Corperate stocks, especially bank stocks, are surging, and real estate firms are crying for agents. Small business owners are pleased to see their lower taxes are going to fund serious debt, and most governments have reduced waste. Becase of these things, and the fact that my lovely bride of thirty years is still 106 pounds, I am going to celebrate our good fortune and the end of the Bush recession. (at least the part about my wife is true)
Now that Soros has propped up the market to entice everyone to invest again, how far will it climb before the next pin bursts the bubble?
8:02 go ahead and put your money in the market when Obama is done the dollar will be history and if you do make gains as in gold you will have to split it with me. AAAHhhhahahaha
Sure thing buddy. I'm looking for more good buys today.
Don't listen to my words. Just look at what the rich are already doing (Buffet, Gates, etc.)
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