Dow at highest level since August '08
JPMorgan Chase was the Dow's biggest gainer Wednesday, jumping more than 2%.
January 12th, 2011
07:27 PM ET

Dow at highest level since August '08

Some highlights from the day's business news:

Stocks climb to 2-year highs

Financial shares Wednesday sparked a broad rally that sent all three major indexes to fresh multi-year highs.

The Dow Jones industrial average added 83 points, or 0.7% to close at 11,755.44 - its highest level since September 2008. JPMorgan Chase was the Dow's biggest gainer, jumping more than 2%, followed by Bank of America, American Express and Boeing.

Bank shares also got a lift Wednesday from Wells Fargo's upgraded outlook for the sector.

The S&P 500 rose 11 points, or 0.9%, closing at 1,285.96 - its highest level since August 2008. The Nasdaq gained 20 points, or 0.8%, ending the day at 2,737.33 - a three-year high.

Treasuries slide as eurozone debt jitters ease

Treasury prices fell Wednesday for the second day in a row as U.S. stocks rallied and investors' concerns over eurozone debt issues eased.

Prices had been rising on the back of weaker-than-expected jobs data, but after Japan said it would support European debt with a bond purchase early Tuesday, the bond market changed direction.

Investors tend to move into the perceived safe-haven of U.S. government debt in times of economic uncertainty, but as investor confidence grows, they move into higher-return assets, like stocks.

On Wednesday, the yield on the benchmark 10-year note ticked up to 3.37% from 3.34% on Tuesday. The yield on the 30-year bond rose to 4.53%, while the five-year note rose to 1.98% and the two-year note edged up very slightly to 0.61%. Prices and yields move in opposite directions.

CNNMoney.com reporters Laurie Segall and Catherine Clifford contributed to this report.

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Filed under: Business • Economy
soundoff (15 Responses)
  1. Sees All Evil

    Yes we can! every little bit helps.

    January 12, 2011 at 8:31 pm | Report abuse |
  2. Cesar

    This is Sarah Palin's fault!

    January 12, 2011 at 10:33 pm | Report abuse |
  3. Jeff Frank

    OK all you stataticians out there in blogger land, this rose to this and that soared to that, and this climbed to this and that rose slowly to that. Now just how many days do you "honestly think" this will last, in our "bankrupt" society. "Eurozone debt?" I am not an economist. What is that? Why do we have one? I'd bet it's because we're not, as a mature self-reliant country as we should be. Eurozone debt. Have mercy on our children. We did'nt have stinking debt problems like this in the 50's when unemployment was under 2%. Eurozone debt. Next thing will be Kepler B-10 debt. Thank God I'll be dead by then.

    January 12, 2011 at 10:36 pm | Report abuse |
  4. chrissy

    well hot diggity dayum they musta got some of the bailout [free] money that bush gave to the banks eh? cuz it sure didnt help anyone else out!

    January 12, 2011 at 10:45 pm | Report abuse |
  5. Cesar

    TO: The People of the United States: Where's Frank?

    January 12, 2011 at 10:48 pm | Report abuse |
  6. Supercongratsss

    once again... A clear victory. Chairman cheny liberated the banks. He is always thinking of the worlds children as he is a true grandfather of liberty. There is only one chairman. No others come close to the vision and generosity. A new world he created, forged of decades of family experience. Today we are united once again as a true multi planet empire beneath a single flag of the chairman. No complaints.. Full speed ahead.

    January 12, 2011 at 10:49 pm | Report abuse |
  7. chrissy

    ewww u really spouttin all that to cheney? u need to change ur name to king of cr*p

    January 12, 2011 at 10:55 pm | Report abuse |
  8. Supercongratsss

    chairman cheny... Invented hunting rights and attorney control. A clear vision. A liberator of all people in the name of family.

    January 12, 2011 at 11:30 pm | Report abuse |
  9. chrissy

    ahhh i see. . .ur bein sarcastic? ok i can deal with that. . u go with ur bad self lol

    January 13, 2011 at 12:14 am | Report abuse |
  10. JoeBlow

    The issue with the economy is that ppl spend too much time blobbing and prettying up their facebook pages and don't spend enuf time doing real work. Or better yet looking for a job! I blame the Internet! Shame on you..

    January 13, 2011 at 1:22 am | Report abuse |
  11. chrissy

    well joeblow what u doin besides bit*hin bout us? and i have a job do u?

    January 13, 2011 at 1:36 am | Report abuse |
  12. Ed Bailey

    Leona where art thou leona, it will get better miss helmsley,just remember your republican loyalist get the better slice of CAKE, leona, where art the witch,leona!

    January 13, 2011 at 3:43 am | Report abuse |
  13. Sees All Evil

    @Ceasar can we pleeeease stop bringing up her name! @jeff frank negativity is counter productive good news is good news quit whining about how long it will last as the stock market fluctuates always has always will. to sit a bi/ch is just a bring down so try to be less of a negative force.

    January 13, 2011 at 9:48 am | Report abuse |
  14. Sees All Evil

    Cheney is the posterboy for why we all need health insurance. he spent more time in the hospital than in his office but other Americans with similar or worse health problems can die in the street because republicans dont want us to have the same benefits

    January 13, 2011 at 11:31 am | Report abuse |
  15. Ed Bailey

    Please refer to the amtimatter news for clarification. This news is some help in who should get an ASTERIK with a guaranty on an antimatter followup.

    January 13, 2011 at 1:03 pm | Report abuse |