Dow flirts with 12,000-mark as US stocks edge up
By DPA, IANSWednesday, January 26, 2011
NEW YORK - The Dow Jones Industrial Average rose above 12,000 points for the first time in more than two years Wednesday before falling back under the symbolic mark.
US stocks closed the day up only slightly after the Federal Reserve kept in place a monetary stimulus programme that involves buying up $600 billion in Treasury securities.
The US central bank said its ambitious efforts were necessary to kick-start job growth in the US and rejected any inflation concerns despite a rise in commodity prices.
The blue-chip Dow repeatedly climbed above 12,000 throughout the day, finally closing at 11,985.4. That was up 8.25 points, or 0.07 percent, from Tuesday.
The broader Standard and Poor’s 500 Index rose 5.45 points, or 0.42 percent, to 1,296.63. The technology-heavy Nasdaq Composite Index gained 20.25 points, or 0.74 percent, to 2,739.5.
The US currency fell against the euro to 72.93 euro cents from 73.08 euro cents Tuesday. The dollar dropped against the Japanese currency to 82.17 yen from 82.25 yen Tuesday.
