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The U.S. stock market ended its worst week since the financial crisis with the Dow Jones Industrial Average falling 12.4%. Fed Chairman Jerome Powell promises to support the economy as necessary.
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Nike made the leap onto the stock averages index when Hewlett-Packard, Bank of America and Alcoa were dropped because of their low stock prices. Yes, says, commentator Frank Deford, a mere sporting goods company has joined the wealthy elite.
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Also being removed from the widely watched index: Hewlett-Packard and Bank of America. Being added: Visa and Goldman Sachs. The changes reflect not only the companies' fortunes, but also the changing nature of the U.S. economy.
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Stocks surged Thursday after the chief of the Federal Reserve sent signals that the central bank wasn't in a hurry to stop helping the economy. The Standard and Poor's 500 Index closed at a record high.
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With treasury yields near historic lows, and cash and money markets yielding almost nothing, investors are putting their money in stocks. Analysts say the Federal Reserve's efforts to keep interest rates extremely low are a key driver.
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Crossing the milestone signals growing confidence in the recovery by investors. So far this year, the Dow has surged 14 percent.
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Despite all the celebration, the Dow Jones industrial average has not hit record highs recently. If you adjust for inflation, the highs just aren't as high as they seem. On today's show, we rain on the Dow's parade and explain why a lot of very smart people say we should ignore the Dow.
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The bulls continued to run on Wall Street, where the Dow surpassed its all-time high.
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After adjusting for inflation, the Dow is still below its earlier peaks. (Also: The Dow is a pretty random measure of the market.)
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The center-left was favored, but there was no clear winner as the ballots were counted. Silvio Berlusconi's center-right coalition was not expected to do well, but was leading in the upper house of Parliament.