Dow Crosses 12,000 but Pulls Back
The Dow Jones industrial average briefly swept past 12,000 for the first time Wednesday, extending its march into record territory but falling short of the benchmark close.</br></br>The index surpassed the milestone shortly after trading began, rising as high as 12,049.51, before pulling back as the market's initial wave of enthusiasm dissipated and investors cashed in some gains.</br></br>The Dow closed Wednesday at 11,992.68, up 42.66, or 0.36 percent. The previous closing high of 11,980.60 was set Monday. The Standard & Poor's 500-stock index rose 1.91, or 0.14 percent, to 1365.96. The Nasdaq composite index fell 7.80, or 0.33 percent, to 2337.15.</br></br>It took the Dow 71/2 years to make the trip from 11,000, having been pummeled during that time by the dot-com bust, recession and the Sept. 11, 2001, terrorist attacks. In the spring of 1999, during the Internet boom, it took the Dow 24 days to sprint to 11,000 from 10,000.</br></br>The Dow's quick move past 12,000 Wednesday came after a Labor Department report indicated that consumer price pressures are leveling off and as third-quarter earnings reports from major companies bolstered investors' confidence.