The Dow Jones Industrial Average shook off rising oil prices and worrisome economic data Thursday to close above the 12,000 mark for the first time in the index’s 78-year history.
The Dow rose 0.2 percent to 12,011.73. Top gainers within the index included Coca-Cola Co. and AT&T Inc., which went up 2.2 and 2.5 percent, respectively, to $44.91 and $33.77 a share. The Nasdaq also gained 0.2 percent, finishing the day at 2,340.94, while the broader S&P 500 inched up 0.1 percent to 1,366.96.
Retail shares were mixed. The S&P Retail Index shed 0.8 percent to close at 490.94. But the retail index is up about 16 percent from a six-month low set in late July.
The Dow’s record close came amid optimism about earnings and signs of slowing inflation. The Federal Reserve Board is to meet next week on whether to leave interest rates unchanged.
However, there were economic concerns. The Organization of Petroleum Exporting Countries said it will cut output to halt a three-month drop in prices. In addition, the U.S. leading economic indicators index climbed last month but was below forecast, according to the Conference Board, which compiles the index.