Dow falls after hitting 12,000
Associated Press
NEW YORK
The Dow Jones industrial average broke through 12,000 for the first time in 21/2 years Wednesday but slipped lower in afternoon trading. The index of 30 prominent U.S. companies finished with a modest gain.
Weak profit forecasts from Boeing Co. and Xerox Corp. weighed on the market. Boeing fell 3 percent after saying its 2011 profits would be hurt by production delays. Xerox fell 8 percent after saying its profit margins were not increasing.
The Dow gained 8.25 points, or 0.1 percent, to close at 11,985.4. The last time the Dow closed above 12,000 was June 19, 2008.
The Standard and Poor’s 500 index rose 5.45, or 0.4 percent, to 1,296.63. The Nasdaq composite index jumped 20.25, or 0.7 percent, to 2,739.50.
Energy and materials companies gained more than 2 percent, the most among the 10 company groups that make up the S&P 500 index.