NEW YORK (AP) -- Stocks advanced Thursday, with the Dow Jones industrial average crossing 11,900 for the first time, after big consumer names like McDonald's Corp. gave investors hope that earnings would be strong despite a slowing economy.
The widely followed Dow index rose as high as 11,934.73 Thursday, topping a previous intraday high of 11,872.94. On Tuesday, the Dow closed at 11,867.17, its fourth record close in two weeks. Also Thursday, the Standard & Poor's 500 index reached a 52-week intraday high.
The markets were more upbeat than on Wednesday, which saw a lackluster start to earnings season. Investors seemed to shrug off economic data that could stir concern about the health of the economy and instead focused on positives like low oil prices.
"In general, we're getting friendly reports between oil inventories being up higher than expected and then some bellwether companies that are exceeding estimates," said John C. Forelli, portfolio manager for Independence Investment LLC in Boston.
Crude inventories were up by more than Wall Street expected last week. The Energy Department said Thursday that stores of crude increased, though stocks of distillate fuel fell. The price of a barrel of light, sweet crude, which settled at a low for the year on Wednesday, rose 16 cents to $57.75 on the New York Mercantile Exchange. Doubts remained about whether OPEC's members will be able to agree on an immediate production cut.
In midday trading, the Dow Jones industrial average was up 71.96, or 0.61 percent, at 11,924.09.
Broader stock indicators also moved higher. The Standard & Poor's 500 index was up 7.73, or 0.57 percent, at 1,357.68, and the Nasdaq composite index advanced 18.32, or 0.79 percent, to 2,326.59.
The Dems' "the economy sucks" talking point is being blown out of the water.
President Bush's economic strategy has worked.
In spite of the trillion dollar hit the U.S. economy took because of 9/11, the country is on track economically. It's amazing when you think about it.
The President's tax cuts have done their job and then some.
Keep in mind that if the Dems take control, they have vowed to raise taxes.
Charlie Rangel has promised to eliminate the cuts that the Bush administration has put into place, the cuts that stimulated the economy.
In other words, VOTE REPUBLICAN.
11,900+
What's ironic is that the wealthy Dems in Congress are raking in the dough at the same time that they are bitching about the sorry state of the economy.
Hypocrites.
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