Dow Jones Breaks 11,000

From Wikinews, the free news source you can write!
Jump to navigation Jump to search

Monday, January 9, 2006 Lower oil and natural gas prices and a General Motors (GM) upgrade sent the Dow Jones Industrial above the 11,000 mark for the first time since before September 11, 2001. The last time the Dow was above eleven thousand was June 13, 2001 when it closed at 11,012.40 before retreating slightly. The Dow's alltime record was set back on January 14, 2000 when it closed at 11,722.98.

The impact of the Dow even getting to 11,000 is "psychological and hard to measure, but clearly you can't dismiss it," said Hugh Johnson, chairman of asset management company Johnson Illington Advisors. "If it wakes up investors then it is of some value."

General Motors (up $1.09 to $21.89) was the Dow's biggest gainer, up five percent, after Goldman Sachs raised its rating on the automaker.

Sirius Radio also added to the Dow's gain, up nearly 2 percent (to $6.65) as Howard Stern made his debut on the satellite waves.

Oil prices, although still high, fell $1.21 to $63.05 a barrel.