Rising Market Pushes Dow Past 12,000
Sunday, October 22, 2006; Page F07
Stocks
After days of casual flirting with the latest psychological barrier, the Dow Jones industrial average finished the week above 12,000 points, while the other two major indexes headed in opposite directions.
The Dow rose 41.86, or 0.35 percent, on the week to close at 12,002.37. The S&P 500 index rose 2.98, or 0.22 percent, to close at 1368.60. The Nasdaq fell 14.99, or 0.64 percent, to close at 2342.30.
The Dow's record close came on the 19th anniversary of the 1987 stock-market crash, known as Black Monday. The high close on Thursday came despite conflicting data on the state of the economy.
Mixed data on the housing market showed new home construction rising higher in September, but the number of building permits was down. Several market indicators showed inflation to be in line, but hinted at overall weak economic growth.
The market also was buoyed by rises in tech stocks such as Google Inc. and growing inventories of crude oil, which are bringing down prices worldwide.
-- Chris Kirkham
