Dow Jones Industrial Average Rises above 12,000

Manila Bulletin, January 26, 2011 | Go to article overview
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Dow Jones Industrial Average Rises above 12,000


NEW YORK (AP) - The Dow Jones industrial average surpassed 12,000 Wednesday for the first time in two and half years as investors shrugged off weak corporate earnings and focused on President Barack Obama's call to overhaul taxes on businesses.The average climbed to 12,013 early Wednesday. That was the highest level during the day since June 20, 2008.Obama said in his State of the Union address late Tuesday that he wanted to close corporate tax loopholes and use the additional revenue to lower corporate tax rates for the first time in 25 years.That change would be popular with business leaders from both political parties. The U.S. has some of the highest corporate tax rates in the industrialized world."If he can take steps to simplify the tax codes, be it for individuals or corporations, I think it would be a lot easier to do business," said Jack Ablin, chief investment officer at Harris Private Bank.The Dow Jones industrial average rose 35, or 0.3 percent, to 12,013 in morning trading.Optimism about Obama's speech offset weak earnings reports from Boeing Co.

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Dow Jones Industrial Average Rises above 12,000
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