NEW YORK – The Dow Jones industrial average crossed 11,000 Monday for the first time since before the 9/11 terrorist attacks, buoyed by a rally that has sent stock prices soaring through the first five sessions of 2006.
Wall Street’s best known stock indicator rose as high as 11,020.15 by midafternoon, the first time since June 13, 2001, that the index of 30 blue chip stocks traded above 11,000. It last closed above that milestone on June 7, 2001, when it stood at 11,090.74.
Monday’s advance followed a 241-point surge last week as investors grew increasingly optimistic that the Federal Reserve will soon end its string of interest rate hikes. Investment firms’ upgrades of Dow components General Motors Corp. and JPMorgan Chase & Co. also helped carry the index past 11,000 Monday.