Corsicana Daily Sun, Corsicana, Texas

Latest News

February 1, 2013

Dow closes above 14,000 first time since 2007

(Continued)

“It is good trivia to talk about on television and the radio,” Gordon said, referring to the 14,000 mark. “It’s meaningless to the average professional.” And for workers still unemployed by the financial crisis, he said, “it really means nothing to them.”

If there is dissent over what Dow 14,000 signifies, what’s undeniable is that it’s a rarefied event. Before Friday, the Dow had closed above 14,000 just nine times in its history. The first time was in July 2007; the rest were in October of that year.

The last time the Dow closed that mark was Oct. 12, 2007, when it settled at 14,093.08. It had reached its all-time record, 14,164.53, three days before that.

For the average investor, that was all back when the stock market still seemed like a party. Housing prices were starting to ebb but hadn’t cratered. Jobs were abundant, with unemployment at 4.7 percent — compared to 7.9 percent now. Lehman Brothers still existed. So did Bear Stearns, Wachovia and Washington Mutual.

The Dow ended Friday 149.21 points higher to 14,009.79. The other indexes were also up. The S&P 500 rose 15.06 to 1,513.17. The Nasdaq composite index was up 36.97 to 3,179.10.

Auto sales helped. Toyota, Ford, GM and Chrysler all reported double-digit gains for January.

The government jobs report that pushed stocks forward was mixed, but traders chose to focus on the positive. The U.S. said it added 157,000 jobs in January, which was in line with expectations. Unemployment inched up to 7.9 percent from 7.8 percent in December. Many economists, though, were encouraged because the government now says that hiring over the past year was higher than originally thought.

The jobs number is based on a survey of employers. The unemployment rate is based on a separate survey of households, which is why they can diverge.

Text Only
Latest News
  • OCIW treasure Mantle worthy: Oil City presented with Texas Treasure Business Award

    Maybe Oil City Iron Works is worth double the treasure. After all, the local icon honored Monday with a state award for employers in business for 50 years has actually been around for 128.

    July 21, 2014 2 Photos

  • 7-22-14 meth raid.jpg Five arrested in meth raid

    The Corsicana Police Department executed a raid on an alleged meth house Saturday afternoon, and it was done in about 45 minutes, all but the paperwork.
    “That part is on-going, reports and follow-up,” said Police Chief Randy Bratton on Monday.

    July 21, 2014 1 Photo

  • Perry orders 1,000 Texas National Guard troops to border

    AUSTIN — Gov. Rick Perry says he's deploying as many as 1,000 National Guard troops to the Texas-Mexico border after growing tied of "lip service" from the federal government.

    July 21, 2014

  • 7-19-14 plane leaving.jpg F-4 jet leaving Navarro College for new Florida home

    It stood for years in front of the Cook Center at Navarro College. Now, like so many “retirees,” it’s Florida bound.
    It took several days to partially dismantle the F-4 Phantom fighter jet enough to travel, but it was done this week.

    July 20, 2014 2 Photos

  • Mildred to consider Tidwell as principal

    The Mildred Independent School District Board of Trustees will consider appointing current baseball coach Aaron Tidwell as the new Mildred High School principal when the group meets in regular session Monday.

    July 20, 2014

  • 7-19-14 Building1.jpg Business News: New buildings underway

    Two new construction projects along Seventh Avenue have stepped into high gear.

    July 20, 2014 2 Photos

  • Local Beat 7/21/14

    A listing of meetings and events of interest from throughout Navarro County.

    July 20, 2014

  • 7-19-14 PipeFront.jpg Pipeline project gearing up

    After years of planning, the Integrated Pipeline Project will get underway this month just south of Rice on either side of Interstate 45.

    July 19, 2014 2 Photos

  • County budget workshop set

    The Navarro County Commissioners Court has scheduled a budget workshop for 9 a.m. Wednesday.

    July 19, 2014

  • 7-19-14 OpryFront..jpg Opry making big strides

    The Corsicana Opry is well on its way, and owner Carolyn McCombs jokingly agrees that it might be completed in 20 or so years.
    “It’s always a work in progress,” she said this past week.

    July 18, 2014 2 Photos