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Dow Jones breaks through 12,000 Dow Jones breaks through 12,000
(about 3 hours later)
The Dow Jones index of major US shares swept above the 12,000 level for the first time ever in early Wednesday trading in New York. The Dow Jones index of major US shares swept above the 12,000 level for the first time on Wednesday but eased back to close short of the landmark level.
The index went as high as 12,045, boosted by falling US inflation, oil and petrol prices and ongoing optimism about corporate earnings. The index rose as high as 12,049.51, boosted by falling US inflation, oil and petrol prices and ongoing optimism about corporate earnings.
With investor sentiment upbeat, the Dow has already set record closing highs seven times during the past two weeks. Despite easing somewhat, the Dow still set a new closing high of 11,992.68.
The latest inflation data cuts the risk of a further rate rise in 2006. With investor sentiment upbeat, the Dow had already set record closing highs seven times during the past two weeks.
'Bullish euphoria''Bullish euphoria'
The Dow, whose household name stocks include IBM, Microsoft and Wal-Mart, has now risen more than 350 points so far this month.The Dow, whose household name stocks include IBM, Microsoft and Wal-Mart, has now risen more than 350 points so far this month.
I'm in the more negative camp and I see 10,000 more likely than 13,000 Trader Michael Panzner Check the Dow Jones indexI'm in the more negative camp and I see 10,000 more likely than 13,000 Trader Michael Panzner Check the Dow Jones index
It took the index seven and a half months to move from 11,000 to 12,000, having been knocked by the dot-com bust, recession and the the 2001 terror attacks in the previous five years. It took the index just seven and a half months to move from 11,000 to 12,000, having been knocked back by the dot-com bust, recession and the 2001 terror attacks over the previous five years.
IBM was the biggest early riser on Wednesday, gaining 5.2% after it reported a 47% increase in quarterly profit. IBM was the biggest riser on Wednesday, gaining 3.3% after it reported a 47% increase in quarterly profit.
How the Dow Jones has performed since 1996How the Dow Jones has performed since 1996
Analysts broadly welcomed the Dow hitting the 12,000 mark, but most were also cautious, saying the way forward was now as likely to be down.Analysts broadly welcomed the Dow hitting the 12,000 mark, but most were also cautious, saying the way forward was now as likely to be down.
"Each new record creates a bit of momentum in its own right and adds to the bullish euphoria," said Michael Panzner, a trader with Collins Stewart. "Each new record creates a bit of momentum in its own right and adds to the bullish euphoria," said Michael Panzner, a Collins Stewart trader.
"[Yet] I'm in the more negative camp and I see 10,000 more likely than 13,000. "[Yet] I am in the more negative camp and I see 10,000 more likely than 13,000. There is already evidence on the corporate earnings that the picture is not as benign as people were anticipating."
"There is already evidence on the corporate earnings that the picture is not as benign as people were anticipating."
Mr Panzner pointed to weaker than expected results over night from Motorola, whose revenues fell short of market expectations.Mr Panzner pointed to weaker than expected results over night from Motorola, whose revenues fell short of market expectations.