Dow Closes Above 10,000

The blue-chip average reached 10K (again) on Wednesday as better than expected results from JPMorgan and Intel sparked a market rally

It took a year, but the Dow Jones industrial average finally closed back above the 10,000 level on Thursday. The blue-chip benchmakrk, which last finished above five figures on Oct. 8, 2008, rallied along with the broader market on better-than-expected third-quarter results from banking giant JPMorgan Chase (JPM) and chipmaker Intel (INTC), and some encouraging economic data.

On Wednesday, the 30-stock Dow Jones industrial average finished higher by 144.80 points, or 1.47%, at 10,015.86. The first time the Dow Jones industrial average traded above 10,000 was Mar. 12, 1999, and its first close above 10,000 was on Mar. 29. 1999.

Of course, the Dow remains well below its all-time closing high of 14,164.53 reached Oct. 9, 2007.

The broad Standard & Poor's 500-stock index was up 18.83 points, or 1.75%, at 1,092.02.

The tech-heavy Nasdaq composite index gained 32.34 points, or 1.51%, to 2,172.23.

Financial, technology, and retail issues led the rally.

Gold futures retreated on profit taking despite a drop in the dollar index.

Treasury prices sank as yields moved higher.

Crude oil futures topped $75 per barrel.

Minutes to the September meeting of the Federal Reserve's policy-setting arm, the Federal Open Market Committee, showed Fed policy makers believed an economic recovery was underway.

Also supportive for stocks: reports showing better-than-expected U.S. retail sales and a smaller-than-expected rise in U.S. import prices last month.

Among the best-performing industry groups in Tuesday's session, the S&P Railroads index gained 5.38% after CSX Corp. (CSX) posted better than expected third-quarter earnings from continuing operations of $0.74 per share.

The Investment Banking & Brokerage index gained 3.70% on the heels of JPMorgan's stronger-than-expected results, led by component Goldman Sachs (GS), which reports results Thursday. The Other Diversified Financial Services index rose 3.78%.

The Casinos & Gaming index advanced 2.98%, benefiting from news Moody's Investors Service on Wednesday changed the rating outlook of Wynn Resorts (WYNN) to stable from negative.

In addition to JPMorgan and Goldman, other big banks will report results later in the week, including Citigroup (C) and Bank of America (BAC).

Most overseas markets also rose sharply, buoyed by news that the decline in China's exports slowed in September.

JPMorgan Chase, the first major bank to report third-quarter earnings, handily beat Wall Street's expectations, reporting a profit of $3.59 billion for the July-September period. However, the bank said loan losses are still high and are likely to remain elevated for some time.

Intel also beat analysts' estimates, reporting a smaller-than-expected decline in profit and sales after the market closed Tuesday. The chip maker said it expects sales in the final period of the year to top analyst projections.

The big gains in stocks followed the market's modest losses on Tuesday, sparked by a disappointing decline in sales at

Johnson & Johnson (JNJ) that fanned fears that consumers and businesses are still curbing their spending.

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