Peter Finocchiaro
Dow Jones closes below 12,000 benchmark after day of ups and downs
Amidst Obama's ponderings on tax reform the market failed to close above 12K a feat Wall St. hasn't seen since 2008
Specialist Patrick Murphy, left, works at his post on the floor of the New York Stock Exchange Tuesday, Jan. 25, 2011. (AP Photo/Richard Drew)(Credit: AP) The Dow Jones industrial average, widely viewed as a barometer for market health, briefly rose above 12,000 earlier today, the first time since the economy hit the wall in autumn 2008.The blue-chip index crossed the threshold shortly after 10 a.m. ET, thought it dropped back below shortly thereafter. Over the course of the day, the Dow crossed the 12K threshhold several more times but finally dropped below the mark around 20 before the closing bell. The Dow closed at 11,985.
The benchmark came hours after President Barack Obama called for an overhaul on business taxes during his second State of the Union address in Washington, stating his interest in closing loopholes. The move would hopefully boost federal revenue as a means for lowering corporate taxes for the first time in a quarter-century.
The news appeared to be enough to energize investors despite reports of weak corporate earnings. Here’s are three other key reasons for the Dow’s recent bullish behavior from today’s news — in bullet list form:
- Better than expected reports on home sales also contributed to the bump. (Los Angeles Times)
- While chasing a specific benchmark might seem arbitrary to some observers, hitting 12,000 could have an important psychological implications for market traders, drawing out hesitant investors from their bearish positions. (Wall Street Journal)
- Market conditions bode well for continued growth. Perhaps the most interesting trend: The third year of a president’s term historically sees a robust stock market, encouraging news for the Obama administration. (SmartMoney)
Colbert assesses GOP primary insanity
Romney loses Iowa. Gingrich gets slammed by his ex. Rick Santorum says something weird. Just another day? VIDEO
(Credit: Comedy Central) Last night on “The Colbert Report,” Stephen Colbert checked in with the Republican candidates for president and took stock of the nominating contest. The verdict: It’s been a weird few days for the Republican Party, huh? Mitt Romney, who looked like the inevitable nominee after a pair of victories, found out on Thursday that he never actually won the Iowa caucuses. Meanwhile, Newt Gingrich, the man best positioned to seize the momentum and defeat Romney in tomorrow’s South Carolina primary, faces some hash allegations from his second wife, Marianne. What else? Rick Perry dropped out of the race, and proceeded to endorse Gingrich anyway. And Rick Santorum said something weird about couches.
Continue Reading CloseJon Stewart takes on SOPA
Could it really be that the lawmakers responsible for legislating the Internet have no idea how it works? VIDEO
(Credit: Comedy Central) Rarely does a piece of legislation take over the national dialogue the way the Stop Online Piracy Act did yesterday; but that’s what happens when Wikipedia shuts down in protest. What remains puzzling, though, even after a day of widespread virtual protests, is how the lawmakers who originally supported SOPA failed to gauge public sentiment so spectacularly. That’s where Jon Stewart came in and illuminated matters on “The Daily Show” last night, with one particularly valuable insight: The people responsible for SOPA — the members of the congressional subcommittee who gave the legislation their seal of approval — have no idea how the Internet actually works.
Continue Reading CloseFun with federal election law
Do these look like the faces of people who've just violated campaign finance rules? VIDEO
(Credit: Comedy Central) The grand experiment launched late last week continues: Stephen Colbert is exploring a run for president, while Jon Stewart manages Colbert’s former super PAC — and enthusiastically smears the candidate’s would-be Republican primary rivals in the process. The problem with managing a PAC in support of your business partner’s campaign, however, is that not a whole lot of it feels legal. (Even if it almost certainly is.) That’s why Stewart and Colbert powwowed with their lawyer on “The Daily Show” last night — just to make sure their “good”-faith efforts at non-coordination were still strictly within the bounds of the law.
Continue Reading CloseColbert super PAC wonders if Mitt Romney is a serial killer
But the comedian insists he had nothing to do with it, all right? VIDEO
This past Thursday, Stephen Colbert handed over control of his much-publicized super PAC to Jon Stewart in order to explore a run for the Republican nomination. Over the weekend, the PAC began showing a campaign ad in South Carolina that equates Mitt Romney with a serial killer, based on his work at Bain Capital. Did Colbert go too far? Well, of course not, because, as he pointed out on his show last night, election law prohibits him from coordinating with the PAC. So, clearly, Colbert (like all the rest of the candidates who just happen to have the support of super PAC money) remains helpless to stop his former organization from continuing to air its ads about “Mitt the Ripper.” Totally helpless. Right?
Continue Reading CloseColbert for president?
The Comedy Central host hands his super PAC over to Jon Stewart, forms an exploratory committee VIDEO
(Credit: Comedy Central) What to do if you’re Stephen Colbert? The “Report” host is surging in Republican primary polls (despite not being an actual candidate) and the temptation to explore a run for president grows larger by the day. The problem, however, is that candidates are prohibited by federal election law from operating a super PAC, which Colbert very publicly does.
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