12,000 for the second straight session Thursday, but the momentum stalled after fresh economic data cast doubt on the strength of the economy.
Strong results from Dow components Coca-Cola Co. and Pfizer Inc.
helped lift blue chips to an intraday high of 12,027.74 -- about 22 points shy of the record set Wednesday. However, stocks trended lower in the afternoon after the release Philadelphia.
The Conference Board s index of U.S. leading economic indicators rose less than forecast in September.
Meanwhile, the Philadelphia Fed s general economic index contracted for the first time since April 2003.
corporate profits would be strong during the third quarter. The afternoon decline might in fact be a retrenchment as many investors take profits, one trader said.
There are a number of reasons why the market might have stalled today, and most of that is because we ve already had a substantial run-up, said Warren West, president of Philadelphia-based Greentree Brokerage Services Inc. Beyond that, we had an economic report that was worse than anyone had anticipated, and that may have been a reason for investors to stand aside.
In early afternoon trading, the Dow rose 11.
61, or 0.10 percent, to 12,004.29.
41, or 0.10 Bonds fell, with the yield on the benchmark 10-year Treasury note rising to 4.78 percent from 4.
76 percent late Wednesday. The dollar was mixed against other major currencies, while gold prices rose.
to discuss a possible cut of 1 million barrels a day to prop up prices.
A barrel Exchange.
Coca-Cola reported quarterly profit rose 14 percent, aided by sales in Europe due to the World Cup soccer promotions and growth in emerging markets. The results surpassed Wall Street projections.
Shares rose 94 cents to $44.90.
ago when results were hurt by an acquisition charge.
The world s largest drugmaker also promised more cost cutting in years ahead, which pushed up shares 3 cents to $28.13.
There s a lot of fanfare about 12,000, but its just another number, said David Darst, chief investment strategist for Morgan Stanley s global wealth management group.
The real story is that there is a river of liquidity that is flowing through the market. ..
. The 12,000 number is one more confirmation of that.
Another bright spot was Apple Computer Inc.
, which surged after reporting stronger-than-expected fiscal fourth-quarter results. Driving profit was sales of its iPod music players and Macintosh computers.
Its shares rose $4.
29, or 5.8 percent, to $78.82.
However, investors were rattled by Advanced Micro Devices Corp. s quarterly prices. The world s No.
2 chip maker reported a 77 percent jump in profit from the year-ago period. It fell $2.82, or 11.
6 percent, to $21.41.
Also falling was Nokia Corp.
after the handset maker posted a 4 percent decline margins erode. Nokia fell 65 cents, or 3.3 percent, to $19.
22.
Exchange, where volume came to 979.8 million.
The Russell 2000 index of smaller companies was up 2.90, or 0.38 percent, to 766.
31.
Overseas, Japan s Nikkei stock average closed lower by 0.61 percent.
In afternoon trading, Britain s FTSE 100 was up 0.09 percent, Germany s DAX index was down 0.09 percent, and France s CAC-40 fell 0.
03 percent.
Copyright 2006 Associated Press. All rights reserved.
This material may not be published, broadcast, rewritten, or redistributed.
News RSS