Thursday, October 19, 2006

Dow Closes Above 12,000

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The GOP should be trumpeting this everywhere as everyone has a 401K that is getting fatter because of Wall St:

NEW YORK (AP) - The Dow Jones industrial average scored its first close above 12,000 Thursday as Wall Street, showing its growing confidence despite new evidence of a weakening economy, managed to hold on 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.

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.

Of course the AP can't tell it straight as ABD couldn't on Charles Gibson's program this evening:

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.

The recovery of late has been anything but cautious as investors see the true strength of the economy and know that business is doing extremely well.

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