NEW YORK – The Dow Jones industrial average closed above 12,800 for the first time Wednesday, signaling Wall Street’s recovery from its steep decline in February as investors rewarded companies with strong earnings.
The day was not a standout for the overall market, however. Technology stocks lagged following disappointing earnings from leaders including Yahoo Inc. (Nasdaq:YHOO – news)
The Dow moved as high as 12,838.46 before slipping back slightly to close at 12,803.84, breaking records set on Feb. 20, one week before the average tumbled 416 points in a worldwide selloff.
As only 11 of the 30 stocks in the blue chip index advanced, the Dow’s gain Wednesday came from strength in stocks like JP Morgan Chase & Co., Boeing Co. and Caterpillar Inc.
JPMorgan lifted the Dow after the bank reported a 55 percent jump in profits that far surpassed Wall Street’s expectations.
The companies that make up the Dow – nearly half of which report earnings this week – have been mostly beating the Street’s predictions.
Broader stock indicators finished mixed.