NEW YORK, Oct. 5, 2006
Dow Has Third Straight Record Close
Rising Oil Prices Can't Diminish Investor Confidence On Wall Street
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(CBS)
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The Dow closed at 11,866.69, surpassing the record of 11,850.61 set Wednesday. The blue chip index traded up to 11,870.06, which stands as its trading high.
Rising oil prices didn't smother investors' good mood.
"Considering the distance we've come over the last three months and certainly the last three days, it's interesting we could have a data point like oil's climb and not have the market back up much," said Arthur Hogan, chief market analyst at Jefferies & Co. "It's certainly a scenario where the longer-term prospects for the market are looking more positive."
Stocks pulled back briefly after Charles Plosser, the newly installed president of the Federal Reserve Bank of Philadelphia, signaled that further Fed interest rate hikes may be in the in the best interests of the economy's long-term performance.
The Dow rose 16.08, or 0.14 percent. The blue chips have gained 196.34 over the past three sessions; on Tuesday, the index shattered closing and trading highs that had stood since Jan. 24, 2000, toward the end of the dot-com boom.
Broader stock indicators were also higher Thursday. The S&P 500 index rose 3.00, or 0.22 percent, to 1,353.22, and the Nasdaq composite index rose 15.39, or 0.67 percent, to 2,306.34.
Advancing issues led decliners by roughly 2 to 1 on the New York Stock Exchange.
Bonds fell as stocks wavered, with the yield on the 10-year Treasury note at 4.61 percent, up from 4.56 percent Thursday. The U.S. dollar was mostly higher against other major currencies. Gold prices rose.
Crude oil futures rose. A barrel of light crude settled at $60.03, up 62 cents in trading on the New York Mercantile Exchange.
The day's economic news was stronger than expected, with retailers such as Target Corp., Nordstrom Inc. and Limited Brands Inc. reporting their same-store sales in September surpassed analysts' forecasts. Also, the number of new unemployment claims dropped to its lowest level in 10 weeks.
Still, just where stocks are in their long recovery from their 2002-03 lows remains a topic of debate on Wall Street.
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