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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Other traders say the market's biggest fears — high energy prices and additional rate hikes by the Federal Reserve — are behind it, leaving room for a greater run-up in stock prices.
Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors, said he sees this as a stock market in the more advanced stages of a recovery that has been driven, in large part, by declining energy prices.
In company news, Wyeth fell 28 cents to $50.90 after a Philadelphia jury awarded a woman $1.5 million after finding that the drug company's hormone replacement drug was a factor in her breast cancer. This is the second such case against the company to go to trial; Wyeth won the first.
Wal-Mart Stores Inc. dropped $1.14 to $48.41 after the world's largest retailer reported disappointing September sales. Rival discounter Target Corp. rose $1.05 to $58.68 after it reported a solid sales gain for the month and beat analyst estimates.
Marriott International Inc., the world's largest hotel company by revenue, said its third-quarter earnings weakened, falling 5.4 percent. But its 33 cents per share net income beat estimates of 30 cents and the stock rose $2.42 to $40.75.
Class A Shares of Berkshire Hathaway Inc., Warren Buffett's investment company, crossed $100,000 a share for the first time Thursday, before retreating slightly. The shares closed up $1,301.00 to $99,000.
The Russell 2000 index of smaller companies rose 9.61, or 1.31 percent, at 743.08.
Volume on the New York Stock Exchange was 1.73 billion shares, compared with 1.86 billion at the same point Wednesday.
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- Katie Couric is dressed like she is in mourning on the news.Please give her some color and let her be her natural vibrant self.
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