Richard Tafoya
Apr 18th, 2007, 05:12 PM
LA Times:
http://www.latimes.com/business/la-ex-wallstreet18apr19,0,6377815.story?coll=la-home-headlines
The Dow Jones industrial average closed above 12,800 for the first time today, signaling Wall Street's recovery from its steep decline in February as investors rewarded companies with strong earnings.
The day was not a standout for the overall market, however. Technology stocks lagged following disappointing earnings from leaders including Yahoo Inc.
The Dow moved as high as 12,838.46 before slipping back slightly to close at 12,803.84, breaking records set on Feb. 20, one week before the average tumbled 416 points in a worldwide selloff.
As only 11 of the 30 stocks in the blue chip index advanced, the Dow's gain Wednesday came from strength in stocks like JP Morgan Chase & Co., Boeing Co. and Caterpillar Inc.
...
Charlie White, chief investment officer of the ThomasLloyd Funds, said that while overall earnings have been good, investors appear to still be waiting further signs about where the economy is headed.
"It's one of these periods of time that you don't have any compelling evidence either way and what you need to do is stay focused and be patient," he said. "I ask myself the question, 'Is this the beginning of a leg up in a bull market, or is this a last gasp?"'
http://www.latimes.com/business/la-ex-wallstreet18apr19,0,6377815.story?coll=la-home-headlines
The Dow Jones industrial average closed above 12,800 for the first time today, signaling Wall Street's recovery from its steep decline in February as investors rewarded companies with strong earnings.
The day was not a standout for the overall market, however. Technology stocks lagged following disappointing earnings from leaders including Yahoo Inc.
The Dow moved as high as 12,838.46 before slipping back slightly to close at 12,803.84, breaking records set on Feb. 20, one week before the average tumbled 416 points in a worldwide selloff.
As only 11 of the 30 stocks in the blue chip index advanced, the Dow's gain Wednesday came from strength in stocks like JP Morgan Chase & Co., Boeing Co. and Caterpillar Inc.
...
Charlie White, chief investment officer of the ThomasLloyd Funds, said that while overall earnings have been good, investors appear to still be waiting further signs about where the economy is headed.
"It's one of these periods of time that you don't have any compelling evidence either way and what you need to do is stay focused and be patient," he said. "I ask myself the question, 'Is this the beginning of a leg up in a bull market, or is this a last gasp?"'