Dow Breaks 13,000 In Record Close

Oil hits new record at $78; all major indexes down more than 1%

(NEWSER) - The Dow started was up triple digits in early trading today before plunging to close down 146.32 points at 13211.59. A report of improved consumer confidence and better-than-expected inflation data distracted traders from the ongoing credit earthquake and its tremors in the housing market, but the reentry of foundering American Home Mortgage on the floor woke them up again. More»

S&P 500, Nasdaq also rise

(NEWSER) - Markets are up, at least for now: The Dow was up more than 100 points at open, with the S&P 500 and Nasdaq following suit, up about 11 and 13 points, respectively, MarketWatch reports. An upbeat report on retail sales no doubt prodded stocks upward: July sales rose a seasonally adjusted 0.5%, their biggest gain in four months. Currently the Dow is hovering in the 11,200 range. More»

September strength in service sector gives stocks a boost

(NEWSER) - Stocks surged to gains late in the session today, as traders placed bets ahead of the third-quarter earnings season. Alcoa, which is expected to report a strong quarter, gained 4.6%. The ISM reported an upturn in the service sector in September—its index rose to 50.9, with a reading over 50 signaling growth. The Dow rose 112.08 points to close at 9,599.75. The Nasdaq was up 20.04, settling at 2,068.15, and the S&P 500 gained 15.25 to close at 1,040.46, the Wall Street Journal reports. More»

(NEWSER) - It's good news, bad news time for investors. The good news: In the last 100 years, only five other rallies have matched the 46% leap the Dow’s taken over the past six months. The bad news: None of those other extraordinary rallies, which came in the 1930s and 1970s, held, the Wall Street Journal reports. Like the current rally, those historical rallies came after big—in fact, even bigger—declines. While some lasted as long as two years, the big gains were all in the first six months. More»

Investors show caution as 2nd-quarter earnings season beings

(NEWSER) - Stocks were mixed today as investors await companies' second-quarter reports. Shares of Alcoa, which kicks off the earnings season with a report after the close, fluctuated but closed slightly higher. The Dow finished up 15 points at 8,178, reports the Wall Street Journal. The Nasdaq gained 1 point to close at 1,747, while the S&P 500 lost 1 point to settle at 880. More»