Dow edges near record, then sputters
It came oh so close.
The Dow Jones industrial average came within 15 points of its all-time high Thursday afternoon. But 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.
The day started with the stock market plodding along before sending investors on a whipsaw day.
After gaining a combined 291 points Tuesday and Wednesday, the Dow spent Thursday morning darting between small gains and losses.
It took a decisive turn upward in the early afternoon. Around 2:30 p.m., it 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.
From wire reports
Selected local stocks
Aqua America, .70, 29.13 .11
Clear Channel, .33 32.69 .50
Cortland Bancorp, 10.64.00
Farmers Nat., .126.25 —.03
First Energy, 2.20, 39.48.03
FirstMerit Corp., .64,15.12 —.07
First Niles Financial, .32,7.18.10
First Place Fin., .0046.00
FNB Corp., .48,11.36.07
General Electric, .76,23.22—.15
Motors Liquidation, .0422.00
Huntington Bank, .16, 7.03.00
JP Morgan Chase, 1.20,48.92—.36
Key Corp, .20,9.39.01
LaFarge, 16.83 .04
Macy’s, .80, 41.10.52
Parker Hannifin, 1.64, 94.48.92
RTI Intl. Metals,29.67—.22
Simon Prop. Grp.,4.40,158.86—.34
Stoneridge 6.45 .00
United Community Fin. 3.36.10
Selected prices at 4 p.m. Thursday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.