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Dow briefly passes 14,000
Encouraging earnings and inflation reports pull money in and keep the bulls running.
By HELEN HUNTLEY
Published July 18, 2007
The Dow Jones Industrial Average plowed through one of those big round numbers Tuesday, trading in the lofty territory above 14,000 before dropping back to close at 13,971.55, another stock market record. The 1,000-point benchmarks are mostly of psychological significance, a sign that investors are feeling good about stocks. But some fundamentals are at work. A fairly tame inflation report and more positive earnings reports gave the Dow a boost Tuesday. In addition, ongoing merger mania has made stocks more attractive. "It's forcing some money on the sidelines to come in," said Quincy Krosby, chief investment strategist for the Hartford. "Needless to say, the higher it goes and the quicker it goes, the more susceptible you are to a pullback." The Dow took just 57 trading days to make the trip from 13,000 to 14,000, a sure sign that we're in feel-good times. It took 129 days to rise from 12,000 to 13,000 and a very long seven and a half years to get from 11,000 to 12,000. "For the moment, the momentum and strength is so good, you can't fight it," said Peter Dunay, investment strategist with Leeb Capital Management in New York. Information from the Associated Press was used in this report.
[Last modified July 18, 2007, 01:06:55]
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