October 11th, 2010
07:03 PM ET

Dow closes above 11,000

A look at the day's business news headlines:

Dow holds above 11,000

Stocks ended with slight gains Monday as investors shifted their focus towards corporate financial results.

The Dow Jones industrial average gained nearly 3 points, or less than
0.1%, to close at 11,010 points. The S&P 500 edged up 2 points, while the
Nasdaq gained about half a point.

The U.S. government and Treasury market were closed for Columbus Day, but all other financial markets were open. Trading volumes were light because of the holiday, and stocks traded in a narrow range for most of the session.

Stocks were supported earlier by ongoing speculation that the Federal
Reserve will take additional steps to boost the economy.

But the market reversed course late Monday afternoon, as investors look
ahead to quarterly financial statements due later this week from several major U.S. companies, including Intel, which reports after the closing bell Tuesday.

JPMorgan and General Electric are also scheduled to release third-quarter results this week, as well as Google and Mattel.

"There's a lot ahead of us this week and not much news today to set the
tone," said Nick Kalivas, vice president of financial research at MF Global. "I think people are waiting for direction."

– CNNMoney.com reporter Ben Rooney contributed to this report.

 

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Filed under: Economy
soundoff (12 Responses)
  1. whitekong78

    Well it's nice there are some people making money in America.

    October 11, 2010 at 7:41 pm | Report abuse | Reply
  2. Sherri W.W.

    While I am no fan of Big Banks or Wall Street,it still is good for the Dow to be up~sometimes even good for oil prices to be up somewhat~because if either gets too low,then things are not going as they need to in order to bring things back for All of us.The Dow being over 11,000 is a good thing even for middle class and poor.Having said that~I am surprised that more has not been said about this.The stock market coming back really does mean things ARE coming round slow but SURE~Thats why I hate to see people go nuts&put Repubs back in charge before Pres,O policies have had time to work~we "hired "him and Dems for the Four yrs an aside from all the screaming from either people who really DONT KNOW~or HAVE AN AGENDA NOT IN OUR BEST INTERESTS~he IS BRILLANT AND WILL GET THE JOB DONE IF WE LET HIM! History will show that the public were all played for fools and that OBAMA actually KNOWS WHAT HE IS DOING~and thats a bet I will take ANY DAY!

    October 11, 2010 at 8:12 pm | Report abuse | Reply
  3. Ancient Texan

    The stock market has been rising on the optimistic possibility that the November elections will stop the insane spending of money we don't have and return fiscal sanity to the Congress and Senate. The American people have realized that the Socialist Agenda that has been installed as "Hope and Change" is completely opposite of what they expected.

    October 11, 2010 at 8:43 pm | Report abuse | Reply
  4. Sherri W.W.

    Actually WE DONT HAVE TIME TO WORRY ABOUT "FISCAL SANITY"RIGHT NOW~NOT IF WE WANT aN~OR EVEN HOPE~TO GET THIS COUNTRY BACK ON ITS FEET.With just a little help~THE DEFICIT WILL STRAIGHTEN OUT WHEN THE COUNTRY RETURNS TO A NORMAL ECONOMY~WHICH WILL HAPPEN IF WE LET THE GOOD PRESIDENT WE HAVE KEEP STEERING IT ON A STRAIGHT COURSE!AGAIN~HISTORY TELLS US THE DEFICIT WILL BE FINE~BUT ~NOT BY CUTTING TAXES~WE ARE ALREADY CUT TO THE BONE!~MOST PEOPLE ARE WORRIED ABOUT "Bush"TAX CUTS WHILE NOT EVEN UNDERSTANDING THAT OBAMA CUT EVERYBODYS TAXES 2YRS AGO~THAT MAKE UNDER $150,000 a YEAR~and we are gonna lose THAT TAX CUT DEC.31ST!~because Repubs WONT ALLOW THAT ONE TO RENEW~IT DOESNT COVER RICH PEOPLE!GA LOT OF PEOPLE THINK OBAMA RAISED TAXES~HE LOWERED TAXES FOR REGULAR FOLKS~PUTING ABOUT $40 a week more in your pocket EVERY WEEK!~NO WONDER IF THE POOR MAN FEELS LIKE BEATING HIS HEAD ON THE WALL!~BY RIGHTS HE SHOULD TELL US ALL TO GO TO HELL AND FIGURE IT OUT ON OUR OWN!

    October 11, 2010 at 11:40 pm | Report abuse | Reply
  5. whitekong78

    Geez sherry you should campaign for him. In case you haven't noticed your savior promised that unemployment wouldn't go above 8% its been near 10 for a while. Jobs are still being lost. Pelosi said foodstamps are an acceptable answer to the economy. You can't hope and change the problems. I'd actually vote for him in 2012 if he made outsourcing illegal. He won't. The dems are in control talking all this positive stuff and nothing is improving. Obama's mouth is his own undoing. Just be honest with us. Everybody knew he inherited a mess but he's been a typical say anything politician.

    October 12, 2010 at 1:13 am | Report abuse | Reply
  6. Sherri W.W.

    Yes~unemployment went over 8%~but THAT was only an ESTIMATE,based on what could be figured from data coming in fast an furious,at that time.~The fact it didn`t go PAST THE 10%[in lots of cases]was BECAUSE the Pres.TOOK those steps when he did~otherwise we were looking at TOTAL meltdown!Sometimes Pres.O.HASN`T made it clear to everyone,in laymans`terms~what exactly is being done~probably for two reasons~1.He had a FULL[still does]24/7 plate~and LITTLE TIME to EXPLAIN EVERY STEP!~Was more important to just KEEP WORKING ON THINGS than trying to spend half of each day EXPLAINING what he was,and is doing~to pull our fat out of the fire,so to speak.#2.is because He really IS Brilliant~and it can be hard for brilliant people to explain WHY they know to do something~they just know to DO it,to fix things and often have little patience with stuff like "playing politics"when a crisis is going on!

    October 12, 2010 at 9:08 am | Report abuse | Reply
  7. Sherri W.W.

    So many do NOT "get it"~that the stimulus the Pres&Dems put thru~has done A whole lot of good!~Now,there will ALWAYS BE people who do not spend the money they are given as WISELY as they should have~like wherever in CA.thats so DUMB THAT THEY ONLY CREATED A FEW JOBS WITH THEIR PORTION of the money!THAT is THEIR fault~AND fault of townspeople who don`t demand BETTER of people working there!BUT~for MOST PART~the stimulus WORKED~it paid for all the STATES to KEEP GOING~AND states have been REFUSED THEIR MONEY~that they normally grt EVERY YR \from the Fed.Govt.to RUN ON.been refused by REPUBS FOR MOST PART~to make things worse for Dems~never MIND worrin about the American PEOPLE~states ALWAYS HAVE TO HAVE THAT TO RUN ON~but now they are way SHORT THEREBY HAVING TO LAY OFF WORKERS OR DO W/oUT SERVICES! what Nancy Pelosi meant~was that we HAVE to have food stamps*unemployment~in place for folks UNTIL more jobs come back!~and NOBODY can MAKE jobs return fasternever mind what they TELL you to get elected!~ANYWAY~unemployment&fd.stamps is ALWAYS SPENT right away~keeping economy MOVING so money is going to places that HIRE~the stimulus PROVIDED enough unemployment to do that~AND so folks could feed kids and buy gas to LOOK for that job!Pres.obama WILL WORK IT ALL OUT BUT HE CANNOT DO IT ALONE!We need to give them[Dems]the 4yrs we "hired"them for~less than 2yrs with this mess isWAY too short a time to expect allRoses but they WILL get there~given the chance!

    October 12, 2010 at 9:40 am | Report abuse | Reply
  8. louis

    When it comes to wallstreet, they are the only ones making money. I read somewhere, in the year of 2009 one of America's worse years economically in history, there were 25 additional billionaires that year.

    October 12, 2010 at 9:57 am | Report abuse | Reply
  9. phil

    Where would we be if ....(cont)

    October 12, 2010 at 10:47 am | Report abuse | Reply
  10. phil

    ....other nations like China stopped extending US credit? (cont)

    October 12, 2010 at 10:51 am | Report abuse | Reply
  11. phildo

    We would be arguing "economic stimulus" while standing in a bread line.

    October 12, 2010 at 10:53 am | Report abuse | Reply
  12. whitekong78

    Obama ran on helping the average citizen. They all do. I notice whenever you bring up an easy solution to unemployment like outlawing outsourcing the partisan sheep dodge the issue. USING CAPS sporadically in your text does not change your message. $1.4 trillion dollars could have given $30,000.00 to every taxpayer. That money could be used to pay off a mortgage, buy a car, or pay off personal debt. The corporate fat cats that were the beneficiaries of the stimulus could find solvency from other businesses or countries. They got a killer loan at a great low interest rate. The powerful want us all in debt so we can be slaves to them. Hillary Clinton essentially blamed high school kids who are targeted by drug dealers as the reason for Mexican violence. Our government knows where the drugs are produced yet they ignore the cartels and blame American children. Obama is a smooth talking say anything politician PERIOD. Americans know this. He doesn't want to fix the problems because then Americans wouldn't need him. Its munchausen syndrome politics.

    October 12, 2010 at 12:23 pm | Report abuse | Reply

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