Stock Market Hits New Record High

December 24th, 2010 at 9:20 am | 8 Comments |

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The Wall Street Journal reports:

NEW YORK—The Dow Jones Industrial Average edged up to a fresh two-year closing high Thursday while other measures slipped following a mixed bag of economic data that left investors with little reason to make major position changes ahead of the holiday.

The Dow rose 14 points, or 0.12%, to 11573.49, its highest closing level since August 2008.

Alcoa led its climb with a rise of 20 cents, or 1.3%, to $15.34. Chevron was also strong, up 76 cents, or 0.9%, to 90.68, and Exxon Mobil added 40 cents, or 0.6%, to 73.20, boosted by a climb in crude-oil futures to fresh two-year highs above $91 a barrel.

Limiting the Dow’s ascent, Bank of Americafell 32 cents, or 2.4%, to 13.06. Walt Disneywas also weak, off 25 cents, or 0.7%, to 37.70, while Travelers slipped 37 cents, or 0.7%, to 55.48.

The Nasdaq Composite fell 5.88, or 0.22%, to 2665.60, but gained 0.9% for the week The Standard & Poor’s 500-stock index shed 2.07, or 0.16%, to 1256.77, with financials leading to the downside in a small pullback from the sector’s Wednesday rally while energy and materials stocks rose. The broad measure gained 1% on the week.

Still, it was a positive week for stocks, with the Dow up 0.71% on the week, the S&P 500 up 1% and the Nasdaq up 0.9%, adding to their gains for the month. With one week left to December, the Dow is up 5.2% for the month, while the S&P 500 is up 6.5% and the Nasdaq is up 6.7%.

U.S. stock markets are closed on Friday, Christmas Eve.

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8 Comments so far ↓

  • tommybones

    Awesome! Can’t wait for all that wealth to “trickle down.”

    Anyone have an umbrella I can borrow?

  • armstp

    Where is that “double dip” the right has been telling us about for the last year? Oh, I forgot the election is over.

    Boehner where are the jobs, jobs, jobs?

  • politicalfan

    armstp- Exactly!!!
    “Boehner where are the jobs, jobs, jobs?”

  • TerryF98

    Strange how the rabid right were mocking Obama at the start of his Presidency because the DOW had collapsed following the Bush fiscal implosion.

    Where are the same cretins now! nowhere to be seen.

    Record company profits, no reaction.
    Record DOW, no reaction.


    Oh and Orange man. WHERE ARE THE JOBS.

  • pnumi2

    Headline: Stock Market Hits New Record High.

    Reality: Stock Market Is Over 2,500 Points from its 2007 All Time High.

    “God bless Us Spinners, Every One.”

  • jasonburke

    So what if the Dow is at its highest closing level since August 2008? This is the same level it reached in January, 2000 and May, 2006 as well, just before the recent boom and eventual bust. Between these data points, employment levels (and consumer confidence) changed drastically. In my view, these Dow ‘highs’ are far less important than unemployment trends.

  • Nanotek

    Wall Street prospers as Main Street withers.

  • think4yourself

    Good news, Stocks at recent highs, blue chip corporate profits and cash balances way up and if you make over $250K, you got a great Christmas gift. Bad news another 800 billion on the deficit by not letting the tax raise back to 39.5% on those who make over $250K.