Business

Dow Passes 12,000 Points for First Time Since June ‘08

NEW YORK (AP) — The Dow Jones industrial average is surpassing 12,000 as investors shrug off weak earnings results and focus on President Barack Obama’s call to overhaul corporate taxes.

The average climbed to 12,006 early Wednesday. The last time it closed above 12,000 was June 19, 2008.

Obama said he wanted to close corporate tax loopholes and use the additional revenue to lower corporate tax rates for the first time in 25 years.

That offset weak earnings results from Boeing Co., Xerox Corp. and Eastman Kodak Co.

Comments (76)

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  • joan k
    Posted on January 26, 2011 at 2:45pm

    Looks like the big rally before the big death spiral.

    Report Post » joan k  
  • Passerby
    Posted on January 26, 2011 at 2:41pm

    How about some prosperity for Americans, not our foreign masters that own the stock in those corporations?

    Report Post » Passerby  
  • landmark
    Posted on January 26, 2011 at 2:39pm

    It’s really no surprise Matthews keeps losing in the ratings!! Always putting out incorrect information!!

    Report Post » landmark  
  • landmark
    Posted on January 26, 2011 at 2:36pm

    Once again Matthews information is wrong on the market…………………June of 08 it hit 12,000 Chris

    Report Post » landmark  
  • rfycom
    Posted on January 26, 2011 at 2:13pm

    Yippy. How is this going to get me a job.

    Report Post »  
  • stealthyk9
    Posted on January 26, 2011 at 1:23pm

    Good news? Yes, but the DOW first reached 12000 back around Oct. 2006; that was well over 4 years ago. Also, you can’t predict the health of the economy from the DOW, and you can’t predict the health of the DOW from the economy. I’ll relax more when the DOW reaches 14000. As for the economy, the persistent poor health of the U.S. housing market is ominous.

    Report Post »  
    • skimmer57
      Posted on January 26, 2011 at 1:36pm

      Great point. That is exactly why we can not allow the GOP to gamble with our social security money in the market!

      Report Post »  
    • stealthyk9
      Posted on January 26, 2011 at 1:56pm

      No, let’s just continue the current social security Ponzi scheme. No social security money is being invested at all; Congress is spending it before they’re collecting it. Give me the option to take back some of MY OWN MONEY and invest it as I see fit!

      Report Post »  
    • UnreconstructedLibertarian
      Posted on January 26, 2011 at 3:25pm

      What was a dollar worth in 2006? Compare that to today, as well as an ounce of Gold.

      Doesn’t make it look so good anymore, huh?

      The Dow’s rise is inflationary, pure and simple.

      Report Post » UnreconstructedLibertarian  
  • Silversmith
    Posted on January 26, 2011 at 1:19pm

    12000? Sure. But with the softening of the dollar (and all fiat currencies) that number is no longer indicative of intrinsic value. We may well see 18 or 20 thousand as the value of the dollar falls. Look at your history and tell me how many deutschmarks it cost for a loaf of bread when they started printing money! All numbers are relative.

    Silversmith

    Report Post » Silversmith  
  • EqualJustice
    Posted on January 26, 2011 at 1:15pm

    I wonder who has money to invest these days? That’s right, not middle America. SOMEONE is very happy?

    Report Post » EqualJustice  
    • skimmer57
      Posted on January 26, 2011 at 2:06pm

      I believe it is the richest 2% of our country, the ones we just gave a tax break to, who can afford to invest . The fact is, in the past 10 years the rich have accumulated more wealth than any other time in history. They are suppose to be the job creators…..so where are the jobs? They are too busy counting their money and sending jobs over seas. The GOP wants us to gamble our Social Security in the stock market while increasing taxes on the middle class and yet again giving more tax cuts to the rich. What is wrong with this picture?

      Report Post »  
  • skimmer57
    Posted on January 26, 2011 at 12:53pm

    On Bush’s last day in office the dow closed at 7949. It is over 12000 now. The last month in office for Bush 70030 jobs were lost.We are now creating jobs! Face it people things are turning around! It did not take two years to get into that mess and will take longer then two years to get out. Give it some time.

    Report Post »  
    • EqualJustice
      Posted on January 26, 2011 at 1:18pm

      The only thing that will save the Obama agenda from destroying the middle class is the NEW CONGRESS, if given a chance. The DOW going up doesn’t help people without a job or money right now?

      Report Post » EqualJustice  
    • skimmer57
      Posted on January 26, 2011 at 1:25pm

      Why is Paul Ryan’s “Road map” calling for a raise in taxes for the middle class while giving the rich yet another tax cut? So yes it will destroy the middle claass.

      Report Post »  
  • Passerby
    Posted on January 26, 2011 at 12:52pm

    Everything that happens in America, right wing or left wing, what actually happens, across the board, is what’s good for foreign investors trying to make a quick buck.

    Not a conspiracy, but with the inevitable right/left wing knee-jerk response, always tips it into a majority.

    Ban all contributions and lobbying to our politicians by anyone not 100% American, including corporations not 100% owned and staffed by Americans. Constitutional issues? Trust me, the writers of and voters on the United States Constitution, if they knew our politicians were being picked by foreigners, would immediately hang all involved by the neck.

    Report Post » Passerby  
    • smithclar3nc3
      Posted on January 26, 2011 at 2:32pm

      Sounds right to me I would also ban all out of state support for congressman allowing them only to collect from the district they represent.

      Report Post »  
    • Passerby
      Posted on January 26, 2011 at 2:40pm

      Absolutely.

      Report Post » Passerby  
  • smithclar3nc3
    Posted on January 26, 2011 at 12:49pm

    So the mere suggestion of cutting corporate taxes is helping grow the economy imagine what would happen if all taxes were cut.

    Report Post »  
  • FreedomIQ
    Posted on January 26, 2011 at 12:36pm

    Can anyone way phoney money galore! Watch what happens when fantasy land withers away at the hands of the looters; and everyone has to actually look at truth as truth and not fantasy land.

    Report Post »  
  • benrush
    Posted on January 26, 2011 at 12:24pm

    This is monopoly money propping up an artificial high. Get yours and get out, buy those things that will have real value for your future, commodities, energy and FOOD FOOD FOOD.

    So you can ride for the long term after this bubble pops and have something to show for your efforts.

    Report Post »  
  • dmburnett65
    Posted on January 26, 2011 at 12:16pm

    If you think Obama is done and is moving to the center, you will be sorely disappointed. The American people need to quit listening to what Obama says and look at what he and his minions do behind the scenes. He and his group are going to do everything they can to undermine conservatives and then take credit for conservative success. If the stock market appears to go up, Obama gets credit so his cronies like Soros, Buffet, Gates and Turner are doing what they can to manipulate it. The bottom line is that Obama and his cronies are STILL elitist socialist progressives who think the rest of American is too dumb to chose for themselves and, therefore, can and must be led like sheep.

    Report Post »  
  • wash1776
    Posted on January 26, 2011 at 11:43am

    There is something strange and suspicious going on. It will be interesting to see what happens and the true reason the market is going up. So much of it is pure manipulation for the powers in charge. WHAT ARE THEY UP TO THIS TIME?

    Report Post »  
    • Snowleopard {gallery of cat folks}
      Posted on January 26, 2011 at 12:16pm

      I feel it is of control; the executive order Obama signed recently allows the departments to redo their regulations based on the ‘social justice’ nonsense of his ideals. In the SOTU farce he stated he is going to bring legislation to ‘streamline government’ (if I remember it correctly), and I find it interesting he has said this while his executive order gives carte blanch for the departments to regulate any and all parts of their interests.

      This is the next most likely stage of theirs, control, contiuing the tightening and building of the final structure they need for total control, while the original system collapsed.

      Report Post » Snowleopard {gallery of cat folks}  
    • jagr1850
      Posted on January 26, 2011 at 1:47pm

      keep your eyes on the plunge protection team ….as they control the wealth of the wall street market…$$$$$$$$$$$

      Report Post » jagr1850  
  • Whostolemypig
    Posted on January 26, 2011 at 11:29am

    The stock market is being propped up and the numbers don’t translate into jobs. Extreme unemployment coupled with extreme inflation. The rest of the world economies are in worst shape than we are. Hence, you can’t sell goods and services to people without money. Obama’s projected 250,000 jobs created by new trade with China and Korea are a drop in the bucket, and are not likely to occur. China has unemployment problems of their own and are not likely to buy fro the US when they can make it for pennies on the dollar. Way to go unions, you have helped price us out of the market.

    Report Post »  
  • skimmer57
    Posted on January 26, 2011 at 11:19am

    Let’s give the rich more tax breaks. While they plot to take away social security and gamble with it in the stock market. Now Paul Ryan wants to give retirees vouchers for your health care. His “Road map for America ” will raise taxes on the middle class while giving even more tax breaks for the rich! It is all crap watch out.

    Report Post »  
  • ENOUGHWITHLIBTARDS
    Posted on January 26, 2011 at 11:02am

    Just false gains on the market. The economy is still in a lot of trouble. My company CEO just came and gave a speech on how we did last year and the future of this year. We made $2 billion last year and have all this work for this year. Today they started laying off people again. All smoke and mirrors gang.

    Report Post »  
  • streetconcepts
    Posted on January 26, 2011 at 10:50am

    I think the stock market is just warming up before it crashes.

    Report Post »  
  • encinom
    Posted on January 26, 2011 at 10:50am

    Lets see, W. crashes the economy, takes takes budget surplus and turns it into largest deficit, unemployment skyrockets and Dow crashes to great depression levels. Obama comes into office and we begin to have a recovery, jobs losses stop and reseverse, markets stabilize, and Dow recovers.

    Yeah, Tea-Baggers can keep their voodoo economics.

    Report Post »  
  • HippoNips
    Posted on January 26, 2011 at 10:49am

    Obama words about corporate loopholes had nothing to do with the stock market.
    It’s been going up each time another piece of his agenda fails. Cap and tax legistlation, universal care, financial reform with actual bite… Each time the next day, the stock markerts surged.
    America wins when Obama‘s doesn’t

    Report Post »  
  • Cuthalu
    Posted on January 26, 2011 at 10:48am

    It will probably come crashing down by the end of the day.

    Report Post »  
    • SimpleTruths
      Posted on January 26, 2011 at 4:39pm

      yeah that’s the spirit! Go America!!
      Fact is you want the American economy to fail for fear if it doesn’t you know Obama will get re-elected.

      Report Post » SimpleTruths  
  • Major Tom
    Posted on January 26, 2011 at 10:46am

    Surprisingly quiet in this thread… 12,000 YEAH AMERICA!… can you guys muster a pro-american stance for once?

    Report Post »  
  • HippoNips
    Posted on January 26, 2011 at 10:46am

    The more Obama’s agenda fails the higher the stock market , the more the jobs created , the more America gets back on track

    Report Post »  
    • tifosa
      Posted on January 26, 2011 at 11:03am

      What is one iota of his “agenda” that has fallen?

      Report Post » tifosa  
  • PreserveOurFreedoms
    Posted on January 26, 2011 at 10:41am

    Tony Dow passed for 12,000 points?

    What game was that?

    WOW!!!

    Report Post »  
    • Cemoto78
      Posted on January 26, 2011 at 11:07am

      This won’t last long, as soon as Obama gives his next speech the DOW will go down as he will say something to make investors nervous.

      Report Post » Cemoto78  
    • TexasCommonSense
      Posted on January 26, 2011 at 11:12am

      It’s amazing what happens when businesses know what to expect with their taxes. The Democrats should have extended the Bush tax cuts a long time ago instead of playing politics with them.

      Ironmaan, I think you’re right.

      Report Post » TexasCommonSense  
    • sWampy
      Posted on January 26, 2011 at 11:42am

      Wow, first time since the democrats destroyed the economy.

      Report Post »  
    • wildjoker5
      Posted on January 26, 2011 at 11:47am

      And there it drops again.

      Report Post »  
    • Snowleopard the artist {gallery of cat folks}
      Posted on January 26, 2011 at 11:55am

      What it shows is the fact Americans are attempting to do business and recover in spite of all the steps and interferances the Fed’s do; they (the Fed’s) meddle in everything, and now with the new controls soon to come for Wall Street via regulations, and the Obama ‘social justice’ reforms via the regulation executive order, one more massive mountain is falling in our direction.

      Report Post » Snowleopard {gallery of cat folks}  
    • SgtHenick
      Posted on January 26, 2011 at 12:05pm

      better be gettin ready for a nose dive!

      Report Post » SgtHenick  
    • Lantern
      Posted on January 26, 2011 at 12:09pm

      If you finally recovered what you lost, sell, while you can.

      Report Post » Lantern  
    • Lantern
      Posted on January 26, 2011 at 12:13pm

      Just words, just speeches, just speculation.

      Report Post » Lantern  
    • Kid Charlemagne
      Posted on January 26, 2011 at 12:15pm

      So this is why tea partiers are so fun to be around: the overwhelming abundance of optimism…

      things are getting better, deal with it, you don’t have to give the dems credit, and can still even blame them for the crash if it makes sense to you, but how about trying to garner some of the american spirit and profess optimism and hope that things are getting better

      Report Post »  
    • TexasCommonSense
      Posted on January 26, 2011 at 12:26pm

      Kid Charlemagne, being a franchisee, do you think things are going to get better or worse for you business in the next two years?

      Report Post » TexasCommonSense  
    • Kid Charlemagne
      Posted on January 26, 2011 at 12:35pm

      better i hope – i just completed purchase on another store before the year ended – consumer spending and sentiment are both at their heights in the past 2 years now i think – there are still certainly problems and we aren’t out yet – but why come on here just to say “its gonna crash right back down” or “enjoy it while it lasts” – those of us who risk our capital and create know how useless a mindset like that is

      Report Post »  
    • wildjoker5
      Posted on January 26, 2011 at 12:37pm

      @Kid Charlemagne

      This is what happened to the stock market with Bush after 9/11. What was the rehtoric then from the left? It is climbing, but like before, so is the gas prices, the straw that broke the economies back. Unemployment is still at 9.5% and our dollar is worth less than it was in 2008 the last time we hit 12k. So really, it has only hit 10k.

      Report Post »  
    • Kid Charlemagne
      Posted on January 26, 2011 at 12:44pm

      @wildjoker – ok sit on the sidelines offering doom and gloom in the face of improvement – you are really a help to capitalism

      Report Post »  
    • TexasCommonSense
      Posted on January 26, 2011 at 12:51pm

      Kid Charlemagne, congratulations on the success of your American dream. I mean that sincerely.

      Report Post » TexasCommonSense  
    • Kid Charlemagne
      Posted on January 26, 2011 at 1:00pm

      texascommonsense – i appreciate that – and that‘s why i’m commenting because its hard to watch so many people spit into the wind instead of trying to be optimistic about it – i’m not saying its easy either, but it hurts business when people have it in their heads that it will never get better – capitalism needs optimism for people to part with and invest capital

      Report Post »  
    • TexasCommonSense
      Posted on January 26, 2011 at 1:23pm

      Kid Charlemagne, I think the main point of most of these posts is the current administration hasn’t given us an environment where businesses, and optimism, can flourish. Most people here, me included, feel the current POTUS doesn’t truly understand business. Not only has he never managed a private payroll, but he’s never even been on a private payroll. A community organizer does not a president make. Unfortunately, too many people were seduced by his rhetorical prowess, and not dissuaded by his illogical ideology. I feel like he’s on the way to greatly diminishing the American dream, if not completely destroying it. Call me a partisan if you will, but simple logic and common sense, say I’m right.

      Report Post » TexasCommonSense  
    • TexasCommonSense
      Posted on January 26, 2011 at 1:29pm

      Kid Charlemagne, I’m still not getting your logon name. The song, from which you get your name, makes clear references to LSD use. Conservatives usually aren’t fans of illicit, mind-altering drugs. Then again, maybe that’s why you chose it. I still wonder if you drive a Technicolor motor home.

      Report Post » TexasCommonSense  
    • wildjoker5
      Posted on January 26, 2011 at 1:46pm

      @Kid Charlemagne
      It is not about doom and gloom. I have a job and will have one for some time to come. The problem is that the same thing is happening as it did right before the last colapse of the stack market. I have investments and I make money with these huge dips in stocks, but I also don’t live pay check to pay check incase gas prices go to $5/gal, I will still be able to afford my mortgage, but I am afraid that most people never got that message of budgeting and living with in their means, so when the gas prices sky rocket again, we will have more lay offs and more mortgages go forclosed and the cycle will repeat with atleast 15% unemployment rate. My solution it for Americans to stop living paycheck to paycheck and start saving so they can be prepared incase they loose their jobs or incase it comes down to paying for a tank of gas or paying the mortgage that month.

      Report Post »  
    • Kid Charlemagne
      Posted on January 26, 2011 at 1:52pm

      Texascommonsense – I agree that I think the pres could do more in terms of helping business – but he also inherited a climate in which the public wanted to see someone tether the reckless risk taking by large corporations – I agree in this respect, I think it bothers most people, especially those who can’t find work that there are people out there getting millions upon millions for moving money around and not creating anything – however, that issue is discrete from encouraging a healthy business climate

      in short, Obama was stuck in a tough place, where people wanted to see individuals who represented massive corporations punished, and to be assured we wouldn’t see a collapse like this again, but also where people did not want to discourage healthy business practices. I’m not saying he has done it perfectly, but even though he may never have filed an income statement, he has many people surrounding him who have and to refuse to accept good economic news simply to spite Obama seems counter productive

      and as far Kid Charlemagne – i’m glad you picked up the reference – nice to see a steely dan fan, although i don’t have a technicolor motor home, i suppose it just reminds me to stay open minded, and remember how i saw the world when i was young. although i’ve learned alot since then, i suspect i’ve forgotten some important stuff along the way as well unfortunately

      Report Post »  
    • UnreconstructedLibertarian
      Posted on January 26, 2011 at 1:56pm

      I agree with IronMan.

      Anybody with any common sense can see this rally coincided with QE measures. This isn’t a rally, its the recipients of the QE influx engaging in “proprietary trading” and artificially bumping the market up. Hoping you’ll get back into your un-supervised mutual funds so they can harvest you again.

      Gold and Silver – that‘s where you’d better be. Or, hard commodities that feed people. This game can’t/won’t continue forever.

      Report Post » UnreconstructedLibertarian  
    • TexasCommonSense
      Posted on January 26, 2011 at 2:48pm

      Kid Charlemagne, you give me too much credit for the “Kid Charlemagne” thing. I googled it. I’m the curious type, but that curiosity has served me well in my life. I do understand the open-minded part. Most people, who are not conservatives, feel like conservatives are not. Granted, there are closed-minded conservatives, but not all. I’m particularly conservative about fiscal issues and gun rights. I think the government should manage fiscal issues the way I mange them in my household. Don’t spend more than you make and plan for the worst while hoping for the best. It is not anymore complicated than that. I also feel I have a right to life, as endowed by my creator, and that includes the right to self-defense. I am a concealed-carry license holder, and I would most certainly use my firearm do defend myself and my family. That doesn’t mean I have an itchy trigger finger either. It would only be in the most extreme circumstances. I pray I never have to. The right to self-defense includes defending yourself against a rabid coyote, up to, and including, a tyrannical government. That’s why the second amendment exists. Like all amendment in the bill of rights, that was learned from history and is there for specific reasons. The founders, while not perfect, got most things right. For the record, I believe God is my creator and I make no apologies for that.

      I see a little “blame Bush” in your writings. That only goes so far. Yes, Bush spent too much, and yes, he let things pass which should have been vetoed, but that doesn’t mean he gets the blame for the mortgage crisis. As a conservative, I feel the government should have never been in the mortgage business. Especially considering their horrible record of efficiency in other areas. Once the banks knew Fannie and Freddie would back their mortgages, no matter how poorly the standards were for granting them, greed took over. People who don’t make enough to afford a mortgage should get one and the government should insist, directly or indirectly, that they do. Government mortgage backing was in place long before George W was. Rent until you an afford it. It is not anymore complicated than that and no one is a bigot for making sound financial decisions. Simply tossing trillions of printed or barrowed dollars at the problem won’t fix it either. That’ll only great a bigger mess.

      I like my country the way it has been successful for over 200 years. It is the land of opportunity for all, that is if you care to pursue it. If you don’t it’s not my fault or anyone else’s. It’s yours; deal with it. It doesn’t need serious change. In fact, some things should even be reversed. When people who feel the way I do hear the president say things like “fundamentally transforming the country, and “redistribution of wealth”, your wealth by the way, it makes us blow a gasket. Wealth redistribution doesn’t create more rich people, it creates more poor people. Try it and you‘ll eventually run out of other people’s money. It is not any more complicated that.

      My soapbox has gotten a lot of use today! LOL!

      Report Post » TexasCommonSense  
    • TexasCommonSense
      Posted on January 26, 2011 at 2:51pm

      Oopps, it should have said “People who don’t make enough to afford a mortgage should NOT get one and the government should NOT insist, directly or indirectly, that they do.”.

      Report Post » TexasCommonSense  
    • Secret Squirrel
      Posted on January 26, 2011 at 9:33pm

      “Dow Passes 12,000 Points for First Time Since June ‘08″

      Yeah, but in 2008, the dollar was worth more too.

      Report Post » Secret Squirrel  
    • FormerLib
      Posted on January 26, 2011 at 10:29pm

      Of course the Dow is up. Where else are investors going to put their money? The bond market? Real estate? It’s only up because the rest of the economy sucks so hard. Anyone who sees this as a sign of recovery is an idiot.

      Report Post »  
    • Clive
      Posted on January 27, 2011 at 12:41pm

      no surprises here. big business benefits, more huge profits, while they send jobs to india and china, and small business gets shafted.

      Report Post »  
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