Dow Booms Past 12,000

The Dow Jones Industrial Average boomed past the 12,000 mark for the first time today. The economy is roaring along. Our internal politics focus on sideshows while ignoring the real successes out there.

The index of 30 big-name stocks surpassed the milestone just after trading began, rising as high as 12,049.51. The Dow had already set closing records seven times during the past two weeks.

It took the Dow 7 1/2 years to make the trip from 11,000, having been pummeled during that time by the dot-com bust, recession and the aftermath of the 2001 terror attacks. That slow trek was a striking contrast with the Dow's sprint from 10,000 to 11,000 in just 24 days in the spring of 1999, during the heady days of the Internet boom.

The Dow, whose stocks include blue chips such as International Business Machines Corp., Microsoft Corp. and Wal-Mart Stores Inc., has risen well over 300 points so far this month as oil prices retreated below $60 a barrel and it appeared the economy was headed for a soft landing after more than two years of interest rate increases.

The Dow's quick move past 12,000 Wednesday came after a Labor Department report indicated consumer price pressures are leveling off and third-quarter earnings reports from companies including IBM bolstered investors' confidence.

Seven record closes in two weeks time.