Dow Jones Celebrates an Early Christmas ; Strong Earnings, Intel Upgrade Push Index to Highest Level Since '01

The Columbian › December 22, 2004

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Summary

NEW YORK The stock market barreled higher Tuesday, sending the Dow Jones industrials to a new 31/2-year high as two Wall Street firms reported better-than-expected earnings and a brokerage gave tech bellwether Intel Corp. a ratings upgrade.

The good earnings news, along with the Intel upgrade, set a positive tone for the market throughout the session. Stocks also benefited from the traditional "Santa Claus" rally, as mutual funds and money managers shuffle their portfolios before the year ends.

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Dow Jones Celebrates an Early Christmas ; Strong Earnings, Intel Upgrade Push Index to Highest Level Since '01

"The company news that we've seen over the past few days has been, on balance, positive, and that's giving investors the courage to buy," said Hugh Johnson, chief investment officer for ...

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