Dow Breaks 14,000 for 2nd Time

New clarity takes steam out of doomsday scenario
By Jonas Oransky,  Newser Staff
Posted Oct 1, 2007 3:53 PM CDT
People pass the Citigroup Center in this March 26, 2007 file photo in New York. U.S. financial giant Citigroup Inc. is taking steps to list its shares on the Tokyo Stock Exchange as part of its efforts...   (Associated Press)
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(Newser) – Citigroup and UBS warned of steep third quarter declines today, and the Dow responded by jumping 191.92 points—reacting to new clarity in an uncertain market, the Wall Street Journal reports. The index hit an intraday record—14,091.53—before closing at 14,087.55, only the second time the 14,000 barrier has been broken. One UBS officer said tensions were cooling as the market “loses fear of the unknown.”

The S&P neared its closing record of 1,553.08, rising 20.29 to 1,547.04; the Nasdaq advanced 39.49 to 2,740.99. Citigroup also added to the buoyant mood when it upgraded several home builders, boosting a sector slammed by the mortgage crash. Some worried that Wall Street was recovering without sufficient justification: One trader said told the Journal, “Nothing has changed since last week.”