Dow Scrapes 12,500
The Dow Jones Industrial Average tagged a big, round intraday trading high today, poking just above 12,500. It's been all of 5 sessions since the most recent all-time closing high of 12,471.32. If the market holds on to the bulk of its intraday gains, the Dow is poised to notch up its 22nd all-time high in just three months.
All the stars aligned for a nice move higher today - yet more M&A activity, an unexpectedly strong housing report, easing oil prices, and perhaps the effects of so-called "window dressing" (a practice employed by some investment managers to expand their holdings of winning stocks just before year-end to present more attractive performance figures), conspired to shove the market higher, despite the light trading typical of the final few trading days of the year.
Handcrafted by Flip on December 27, 2006 |
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