New York – The Dow Jones industrial average closed near 12,000 for the first time since June 2008 Monday as technology and materials companies led broad gains in the stock market.
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Technology stocks rose after Intel Corp. increased its dividend and said it would buy back more of its stock. The company gained 1.7 percent.
Materials companies gained 1.2 percent after a report from the National Association for Business Economics showed that economists are more positive about economic growth and the job market than at any time since the start of the Great Recession.
The Dow gained 108, 11,980. to close at its highest point since June 19, 2008.
The Standard and Poor’s 500 index rose, to 1,288. Financial companies were the only member of the 10 company groups that make up the index to fall.
The Nasdaq composite index gained 28, to 2,717.
J.C. Penny Co. jumped 7 percent after the retailer said it would close some stores and its catalog business to reduce costs.
The DOW at 12,000 is unsustainable just look at the economy. Gas is high and going higher, more people are out of work than many previous economic downturns. Real estate is in the cellar not to mention that many mortgages are greater than the value of the property. It’ll all come crashing down soon enough, the foundation for a12,000 DOW is polluted air.
Listen! The big banks with the billions of dollars are whats making the stocks move. All the money they were bailed out with is being used to make even more. Your average guy doesn’t have money to invest. It’ll blow up like a balloon once again and come crashing down. Except it won’t recover as quick next time because it’s becoming a pattern.
Thank you Mr President for backing off Wall Street – they’re the only ones who create jobs and hire people – only because you’re letting them run their business and not telling them how to run it.
Yeah! Bring on that good old deregulation! We have a lot of data about how that works. Of course, its not pretty data….