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Dow sets new closing record at 12,803.8

The Dow Jones Industrial Average rallied to set an all-time record closing price of 12,803.8 today. From BBC News:

America's leading share index, it finished Wednesday up 31 points to 12,803.8, beating the previous record close of 12,786.6 set on 20 February.


JP Morgan Chase was one of the biggest risers on the Dow after it unveiled a 55% increase in three-month profits.

Aircraft-maker Boeing also rose strongly on a big South Korean order.


Read the whole report at the link above. And, as I've been saying for some time:

Analysts said the markets had reacted so positively, as the bank's strong results indicated that ongoing weakness in the US sub-prime mortgage market would not impact on the big financial houses as much as some had feared.

Comments (28)

Sell!... (Below threshold)
Lee:

Sell!

In 1997, this would be the ... (Below threshold)
Gianni:

In 1997, this would be the 1st, 2nd, and 3rd stories on network news. In 2007, Im sure it might not even make it to the 1st half of the show.

Economy has been wonderful last 5 years, low inflation, great rates, record home ownership, etc, but, why would the media want to tell the truth?

Sell!Posted by: L... (Below threshold)
Sell! Posted by: Lee at April 18, 2007 05:41 PM

I wouldn't invest one penny with you and God forbid if you ever did get a series 7 license.

I wonder if it will hit 135... (Below threshold)
Carl:

I wonder if it will hit 13500 or even 14000 before the year is out?

Remember a few weeks ago wh... (Below threshold)
Faith+1:

Remember a few weeks ago when it fell a few hundred points and I said don't panic? To answer the chicken littles (nogo) back then about whether I had more money that day than the day before--today I have more money than both those days since I took the drop as a buying opportunity. Those that panicked and bailed out over the hype generated by the press to cover up a booming economy missed out on a great run.

http://wizbangblog.com/2007/02/27/dow-is-undergoing-a-minor-correction.php

Markets never go straight u... (Below threshold)
Baggi:

Markets never go straight up.

On their way up, the go up a little, down some, up again, down some, up again, etc. Down markets just the opposite.

This is clearly an up market because company earnings are so great.

Our markets should continue to climb because the economic fundamentals are really good right now. Some things that might change that:

1) Global problems like we start a fight with Iran.

2) Inflation gets out of control and the Fed starts to raise rates again.

3) The dollar continues to weaken beyond where it was two decades ago.

And perhaps another couple of things i'm not thinking of off the top of my head. But right now things are strong. They will get even stronger too if we manage to bring down the cost of global energy. If we can get cheap oil, or find something that works just as good at a cheap price, our economy and our markets would fly.

Well, for short-term invest... (Below threshold)

Well, for short-term investors, hitting new highs can be a sign to take profits. Also, the Relative Strength Index has risen to 69.71, indicating the market is likely "overbought" in recent trading, so some retrenchment is due and normal.

For longer term purposes, though, this is a good sign. The DJIA has recovered the ground lost since February to panic over Iran, oil prices, and the "sub-prime mortgage" scare, and is poised to resume the strong growth track it had been on since last summer - moving up from under 11,000 on July 21.

Sorry Baggi, but in general... (Below threshold)
Faith+1:

Sorry Baggi, but in general the market has always gone up over the long term.

http://finance.yahoo.com/q/bc?s=%5EDJI&t=my&l=on&z=m&q=l&c=

and just click any duration. You have to get to very short term cherry picking time frames to find significant downturns. The reality is the stock market has always trended up at a greater rate than inflation and down turns are short lived.

Hooverville! Where's Jayson... (Below threshold)
John F Not Kerry:

Hooverville! Where's Jayson when you need him?

You can rest assured that i... (Below threshold)
stan25:

You can rest assured that if Lurch had been elected president and this economy contiued at this rate, the drive by media types would be crowing to the moon, that this is the best economy in history. Then again, Kerry would have raised taxes by this time and things would not be so rosy. Does the shades of Jimmy Carter scare you all? If not, it should. If another Democrat gets into the White House, we will those disasteous times again. Then of course too, Lee and his buds were in diapers or were not even a glimmer in the eye of their fathers, when that happened. Then we would all know who got the blame. That is right, George W Bush.

I wish some of this Wall St... (Below threshold)

I wish some of this Wall Street wealth would come my way so I can buy a motorcycle. But at least there's more money in the business community to invest right now, which hopefully results in some new American products and new American jobs.

"I wouldn't invest one p... (Below threshold)
Lee:

"I wouldn't invest one penny with you and God forbid if you ever did get a series 7 license.""I wouldn't invest one penny with you and God forbid if you ever did get a series 7 license.".

Well, that would be your loss, Steve. I've done very well in the stock market.

But tell us, Steve - who around here WOULD you trust for investment advice? -- just curious...

Nobody and that includes "e... (Below threshold)

Nobody and that includes "experts".

It's all Bush's fault, of c... (Below threshold)
Sky Captain:

It's all Bush's fault, of course.

Let's see:Gas is n... (Below threshold)
civil behavior:

Let's see:

Gas is now over $3 gallon.

Debt is at 8.4 Trillion.

Gold is at $695oz.

The British pound tops the $2 mark.

Foreclosures at all time high.

Trade deficit is at 660Billion


Whoohoo..........

Hmmm...Civil Behavior still... (Below threshold)
John F Not Kerry:

Hmmm...Civil Behavior still exists. Bush must not have found him yet.

cb,Don't forget, t... (Below threshold)
bryanD:

cb,

Don't forget, the US is now an 80% service economy according to the Fed Chairman.
80% dependent on someone else's disposable income. Except for Eat and Get Gas, of course.

Just checked my portfolio o... (Below threshold)
metprof:

Just checked my portfolio on-line....YAHOOOOO

Was worried the British pound would be a problem, (nope, but my Brit money fund looks good), how about gas prices (nope again, energy stocks still running strong), how about those gold producing company stocks, (nope, holding true), and what's with my banking stocks, any sign of the "foreclusures at an all-time high"? (nope, the capital goods investment with this roaring economy has energized them like never before)

Holy sh*t I love capitalism. lololol

And manufacturing ISN'T dep... (Below threshold)

And manufacturing ISN'T dependent on someone else's disposable income?

For the uninitiated, meet bryanD. Economics is only one of the many areas of which he knows nothing, but tells all.


Manufacturing output, btw, is at an all time high.

But for those who see only gloom and doom, just let us know. If you'll permanently and irrevocably renounce your US citizenship, we'll take up a collection to get you to that Worker's Paradise, Castro's Cuba.

Faith,No need to a... (Below threshold)
Baggi:

Faith,

No need to apologize, as we said pretty much the same thing.

Markets always dip down on their way up, it's the way markets move. People take profits, bears push down prices, eventually enough people jump in that the bears have to cover their shorts and the market begins to climb again.

Plus, markets area always getting rid of the bad companies and adding good companies.

So, the wise person will take their money out of the market a few years before they retire (Don't want to get caught in a short term downtrend just before you retire) and the young person will put their money in the riskier parts of the market because over the long haul, you'll make a higher percentage having done so.

cb, reform taxes and SS and... (Below threshold)
kim:

cb, reform taxes and SS and we'll be just fine.
=========================

Heh, I see civil behavior i... (Below threshold)
Faith+1:

Heh, I see civil behavior is using the bogus numbers issued by the Left talking points--hint, when listing the debt as the raw number as opposed to the ratio actually used by financial firms you are showing to be either completely ignorant of economics or a blatant liar. In terms of real economic power the current debt ratio is actually pretty damn good compared to the last 30 years.

It's also obvious you are either ignorant or lying about the true meaning behind the strength of the dollar in overseas currency versus trade deficits.

In your case civil, I highly recommend you DO NOT invest in the market. You either lack the basic fundamental economic knowledge or you are too unethical and most likely will get busted for insider trading.

But then again the Hero of The Left Soros started out his career by insider trading so maybe there is hope for you.

I blame Bush.... (Below threshold)
Mitchell:

I blame Bush.

Don't believe me. ... (Below threshold)
civil behavior:

Don't believe me.

Take a look at Darth Cheney's investment portfolio and ask yourself why he is invested where he is.

It's what they always say.........follow the money.

cb ~ Are you a real moron, ... (Below threshold)

cb ~ Are you a real moron, or do you just play one on the internet?

Cheney gave his remaining deferred comp from Halliburton to charity a couple of years ago, and everything else is in a blind trust.

cb at 2:19And hasn't... (Below threshold)
RicardoVerde:

cb at 2:19
And hasn't it been released that George Soros has substantial investments in Halliburton? follow the money as you say.

"Let's see:Gas is ... (Below threshold)
John S:

"Let's see:

Gas is now over $3 gallon.
Debt is at 8.4 Trillion.
Gold is at $695oz.
The British pound tops the $2 mark.
Foreclosures at all time high.
Trade deficit is at 660Billion "

But the Dow blowing another bubble!

Actually gasoline already is close to last year's peak and it's only mid-April. $3 gasoline doesn't even make the news anymore. What will we see this year? $4.50?

Sooner or later consumers run out of credit card debt and we get tipped into a recession.

Ah yes, the market will var... (Below threshold)
kim:

Ah yes, the market will vary, the frivolous thing.
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