October 18, 2006 at 9:14 am by Tom Lydon
The Dow Jones Industrial Average went past 12,000 for the first time today as investors grow optimistic about corporate earnings and the economy. The exchange traded fund that follows the index, Diamonds Trust (DIA), is also hitting new highs. The ETF is up 4% over the last month.
The move past 12,000 came after a Labor report indicated consumer price pressures are leveling off and third-quarter earnings reports from companies including IBM bolstered confidence. The Dow has already set closing records seven times in the past two weeks.
For full disclosure, DIA is held in some of Tom Lydon’s client accounts.
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