A year later, Dow crosses 10,000 on cracking profits

Strong Show From JPMorgan & Intel Pumps Up Outlook

Angela Moon NEW YORK 

THE The Dow Jones industrial average briefly climbed above the psychologically important 10,000 level on Wednesday as US stocks advanced on strong quarterly profits. 
    The 30-stock blue-chip index last traded above 10,000 in early October 2008. Major indexes gained more than 1%, and the Dow's reclaiming the psychological 10,000-level could convince some doubters of the durability of the stock market's seven-month rally. 
    JPMorgan, the first major US bank to report quarterly earnings, said profit rose sharply as underwriting revenue at its investment bank offset deeper losses on credit cards and other consumer loans. "We are seeing new highs, thanks to Intel last night and JPMorgan this morning. People are more comfortable with seeing this market rally further," said Steve Goldman, market strategist at Weeden & Co in Connecticut. 
    JPMorgan's shares rose 3.8% to $47.37 and chip maker Intel's shares added 3% to $21.10. The Dow Jones Industrial Average was up 123.19 points, or 1.25%, at 9,994.25 at 0035 IST. The Standard & Poor's 500 Index rose 14.82 points, or 1.38%, at 1,088.01. The Nasdaq Composite Index was up 25.65 points, or 1.2%, at 2,165.54. The Dow came within three points of 10,000 and was last at that level in October 2008. 
    The CBOE Volatility Index, a measure of anticipated volatility using options, fell 2.83% to its lowest level since early September 2008, which was just before the collapse of investment bank Lehman Brothers. 
    Underscoring optimism that the worst of the recession was over, a government report showed sales at US retailers fell by a less-than-expected 1.5% in September. The S&P retail index rose 1.5%. Shares of Johnson & Johnson, however, fell 0.9% to $60.49, after rival Abbott Laboratories posted betterthan-expected third-quarter profit. Abbott rose 3.2% to $51.25. 
SENSEX SCORCHES 
Market rallied to a 17-month high on Wednesday, with financial issues leading the surge. The 30-share BSE index closed up 1.2%, or 204.44 points, at 17,231.11. 

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