Dow climbs near record, sputters; stocks drop
By The Associated Press
Published: Friday, March 1, 2013, 12:01 a.m.
NEW YORK — It came oh so close.
The Dow Jones industrial average came within 15 points of its record on Thursday afternoon. Then the momentum petered out, and the Dow and other indexes broke a two-day winning streak and closed lower.
Economic data and company reports reflected an economy beating investors' low expectations rather than one growing like gangbusters.
Impending government budget cuts also cast a pall for some investors.
“There was no dramatic, great news,” said Leon LaBrecque, CEO of LJPR in Troy, Mich. “There's no remarkable economic information. Earnings are pretty much mixed.”
Thursday trading started with the stock market plodding along before sending investors on a whipsaw day. After gaining a combined 291 points on Tuesday and Wednesday, the Dow spent Thursday morning darting between small gains and losses.
Dow stocks took a decisive turn upward in the early afternoon. About 2:30 p.m., the average hit 14,149 — just 15 points from the Oct. 9, 2007, record of 14,164.53.
Then the rally sputtered and stocks turned lower in the final few minutes of trading.
The Dow ended down 20.88 points, or 0.2 percent, to 14,054.49.
The Standard & Poor's 500 index slipped 1.31, or 0.09 percent, to 1,514.68. The Nasdaq composite index edged down 2.07, or 0.07 percent, to 3,160.19
Some said the market's fleeting gain Thursday was more about its general tendency to rise over time, and not necessarily a reflection of a surge in strength for the economy.
“People have to separate the economy from the stock market,” said Ed Butowsky, managing partner of ChapwoodFinance.com in Dallas.
Thursday's data didn't provide a clear picture on the economy..
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Yellen stresses need for Fed to be flexible
- Higher fuel costs help established airlines, hinder startups
- Consol Energy transitions as leadership changes hands
- GlaxoSmithKline discloses bribery inquiries
- Fed Beige Book survey: Growth picks up across most of U.S. but not in Pittsburgh region
- Mt. Gox bankruptcy protection rejected
- Gap outlines growth plans for China
- Factory output extends solid gains in March
- Region’s largest bank PNC posts 7% rise in 1Q profit
- Heinz offers Pittsburgh workers a buyout if they are unhappy
- Stocks climb for third day