NEW YORK -- The countdown to a new record for the iconic Dow Jones industrial average is getting closer on Wall Street.
At the start of trading Thursday, the world's best-known stock index was just 89 points shy of its Oct. 9, 2007, all-time record close of 14,164.53.
The Dow climbed within 59 points in early trading before backing away, but was making a late run in the afternoon.
A shiny new record for the Dow would be a big deal. It shows just how resilient the stock market is, as it is close to erasing the 54% loss it suffered in the 2007-09 bear market, worst decline since the Great Depression, says Chuck Carlson, contributing editor of Dow Theory Forecasts newsletter.
"The Dow is still the people's index," says Carlson. "When you get that close to an all-time high in the Dow, that's fairly heady news. So people are watching closely."
If the Dow eclipses its old high, it will serve as a psychological boost to investors burned by the market collapse caused by the 2008 financial crisis.
"I think you have a lot of people that still are anchored on 2008. Now, you have a market that has been crushed but has recouped those losses ... From a milestone and awareness perspective, that's important for the guy on Main Street," Carlson says.
But a day after the market's biggest gains since the first trading session of 2013, stocks were not showing a lot of verve.
Major U.S. stock indexes were up and down in a narrow range Thursday, despite a slight lift from an upbeat report from the Chicago Institute for Supply Management. The group said its business index rose another 1.2 points in February to 56.8, its highest level since last March.
One hour before the opening bell, the government said the economy grew at just a 0.1% annual rate in the fourth quarter. An earlier report estimated the economy shrank at a 0.1% rate in the final three months of 2012.
Although investors might be pleased that the revised GDP figure is higher now that the government has more data for the last quarter, the revision came in well below the 0.5% consensus estimate of economists.
On Wednesday, the Dow shot up 175 points to 14,075.37, after a 116-point surge Tuesday. The S&P 500 gained 19.05 points, or 1.3%, to 1,515.99. The Nasdaq composite index rose 32.61 points, or 1.3%, to 3,162.26.
WEDNESDAY MARKETS: Stocks surge as Dow sets fresh 5-year high
Asian stock markets rose Thursday as positive economic indicators and the nomination of a pro-stimulus Bank of Japan chief bolstered hopes for faster growth.
Tokyo's benchmark led gains in regional stocks after the government of Prime Minister Shinzo Abe nominated Haruhiko Kuroda, currently president of the Asian Development Bank, to head Japan's central bank. The Nikkei 225 stock average was up 2.7% to 11,559.36.
Markets across Europe were on the rise, with the Stoxx Europe 600 benchmark index up around 0.5%.
In currency markets, the euro was almost flat at $1.3141. The dollar was steady at 92.262 yen.
Benchmark crude oil for April delivery was flat at $92.69 a barrel in electronic trading on the New York Mercantile Exchange.
Contributing: Associated Press
Experts says the diamonds stolen from jet at the Brussels airport are likely "impossible to trace" and could already be on the market.
So what do you do with $50 million in stolen diamonds?
Today News : estimated $50 million worth of diamonds lifted from the cargo hold of a Swiss jetliner on a Brussels runway.
And the gaudy booty, which experts said could probably fit in a shoebox, shouldn't be too hard to sell — if the price is right.
"It is impossible to say what the thieves will do," says Caroline De Wolf, spokeswoman for the Antwerp World Diamond Centre, the heist's victim. "In any case, rough or polished, (both types were taken) it is virtually impossible to trace the stolen diamonds."
Harry Levy, president of London Diamond Bourse, says the crooks may already have sold the diamonds, but probably will get only 20% to 30% of their true value.
"The quicker they move the diamonds into the normal distribution system, the safer the crooks are," Levy says.
If they are uncut diamonds, the thieves will likely send them to cutting centers in India, Israel, South Africa and the USA.
"It is impossible to trace a rough diamond. They would just be fitted into the supply chain with no problem," Levy says. "With $200 million going out every day, to put $50 million of rough diamonds into the system is not that complicated."
For the polished diamonds it's a bit more complex, he said.
At some stage, the police will have a list of all of the stolen diamonds — describing the weight, physical measurements, shape, color code, clarity code and other measurable factors.
If there are any larger stones, 5 carats and upward, the criminals will likely repolish them to disguise them by changing the weight and size slightly.
"There are so many stones in the system you really have to be looking out for a stolen stone," Levy says. "A large outlet will have to devote at least one member to look at every stone that comes in — and hundreds of stones are coming in every day."
After they disguise the larger stones, the bandits might smuggle the goods to the Far East, especially Hong Kong and Dubai, where they could easily put them into the chain, Levy says.
"The chances of those stones of being recovered are slim, and if they are it will be one here or one there," Levy says. "Only a few will be recovered."
Authorities in Belgium have released some details of the theft.
A spokeswoman for the Brussels prosecutor's office, Anja Bijnens, said the armed and masked men used two vehicles in their daring raid under cover of darkness late Monday and within minutes made their way to the plane on the tarmac at Brussels Airport, took the cache of stones and drove off into the night.
Police found a burned-out vehicle close to the airport later Monday night but said they were still looking for clues.
An airport spokesman said the robbers made a hole in the perimeter fence, and drove right up to the Swiss passenger plane that was ready to leave. The robbers got out of the car, flashed their weapons and took the loot from the hold, airport spokesman Jan Van Der Crujsse said.
Without firing a shot they drove off through the same hole in the fence, completing the spectacular theft within minutes, he said.
File photograph of rough, uncut diamonds.(Photo: USA TODAY)
Van Der Crujsse could not explain how the area could be so vulnerable to theft. "We abide by the most stringent rules," he said.
The Swiss flight, operated by Helvetic Airways, was canceled after the robbery. Swiss, an affiliate of Germany's Deutsche Lufthansa AG, declined to comment on the heist, citing the ongoing judicial investigation.
The insurance for air transport — handled sometimes by airlines themselves or external insurance companies — is usually relatively cheap because it's considered to be the safest way of transporting small, high-value items, logistics experts say.
Contributing: Associated Press
The blast may have been caused by a motorist or a workman striking a gas main.
Today News : Authorities searching for a female employee missing after a huge gas explosion at a Kansas City, Mo., restaurant were rushing to clear out heavy debris Wednesday morning before a major winter storm hits.
The earthquake-like blast Tuesday evening at J.J.'s restaurant triggered a massive fire at the Country Club Plaza shopping center that injured at least 14 people.
Mayor Sly James stressed early Wednesday that finding the unidentified worker would remain the primary focus. One other employee thought missing was found at St. Luke's Hospital receiving treatment.
"Our main concern right now is the fact that we have a missing individual whose family is very much in anguish about that," James said. "We need to resolve that problem. There is some hope in light of the fact that last night there were two people missing and we found one."
Heavy equipment began arriving before dawn as workers rushed to remove the debris and investigate the cause of the blast because of the expected arrival of the storm, James said. Cadaver dogs were also being used to scour the blackened debris.
"We have a major storm coming in this evening," James said. "We're going to work diligently to get in (to the blast site) to get underneath that weather."
Seven people injured in the explosion at JJ's restaurant in Country Club Plaza remained hospitalized, including two in critical condition, authorities said. At least seven others were treated and released.
Kansas City Fire Chief Paul Berardi said earlier that the search for victims could take hours.
"I would always fear there are fatalities in a scene like this," Berardi said. "When we got to the scene, we had a fully involved restaurant that had patrons, probably several patrons, inside at the time of incident."
Authorities were still investigating the cause of the blast, which appeared to have engulfed an entire block in the four-alarm blaze that burned for about 90 minutes.
Police spokeswoman Rhonda Flores said while initially the explosion was attributed to a motor vehicle striking a natural gas line, the blast may have been triggered by a piece of heavy equipment disrupting the gas main.
Berardi said investigators would be brought to the site only after the search for possible victims was completed.
Missouri Gas Energy, the utility that supplies the area, said in a statement that "early indications are that a contractor doing underground work struck a natural gas line."
Berardi, however, cautioned that the cause was not yet known. "This investigation needs to be concluded before we want to speculate on any of that," he said.
Firefighters are on the scene of a gas explosion Tuesday at the Country Club Plaza in Kansas City, Mo.(Photo: Tammy Ljungblad AP)
"Some witnesses have said it might have been a construction worker on a backhoe doing construction in the area," Flores said. "We're still waiting for final word on that."
Berardi said officials don't suspect foul play at this time.
Residents told KCTV they had smelled gas about an hour before the explosion around 6 p.m. and alerted the local utility.
KMBC-TV, citing a man who said he visited the restaurant regularly, reported that firefighters and Missouri Gas Energy representatives had been checking for the source of a gas odor before the explosion. Customers were asked to leave, but several employees stayed behind.
Firefighters battle a massive fire at Country Club Plaza in Kansas City, Mo., on Tuesday.
* Mindy McCready dead of apparent suicide
* Watch: 2010 interview with McCready
* Crowds cheer Hugo Chávez’s return home
* Flier accused of slapping toddler is fired
* Army plows on with troubled program
* Will ‘Downton Abbey’ shocker repeat itself?
* Obama to propose project to map brain
* Danica stars on, off track after historic day
* Fire rages at Tampa recycling facility
Read Details >>
Capitalizing on a dearth of Hollywood romances for the weekend, the Bruce Willis action film wins over hearts at the box office
A Good Day to Die Hard picked a good day to debut
Today News : Capitalizing on a dearth of romances at theaters, the fifth installment of Bruce Willis' Die Hard series took the top spot at the box office over the Valentine's Day weekend with $25 million, according to studio estimates from Hollywood.com.
Reviews: What did our critics think of the box office winners?
Although the opening was on the low end of many analysts' expectations, the film became the date movie of choice, beating out the Melissa McCarthy comedy Identity Thief, which did $23.4 million in its second week.
While not exactly a couple's retreat flick, Die Hard opened on Valentine's Day and carried enough momentum into the weekend to escape the fate of other action films of late. Arnold Schwarzenegger's The Last Stand, Sylvester Stallone's Bullet to the Head and Jason Statham's Parker have flopped at the box office this year.
Wyck Godfrey, a producer of Die Hard, says that because Valentine's Day fell on a Thursday, it created a long weekend of sorts.
And women, the key demographic of the Valentine's Day weekend, are drawn to the Willis series, he says.
"Women love (Willis' character) John McClane," he says. "It's one action hero that sort of crosses genders. John McClane has always fought for his family. There's an emotional connection that transcends being a male action star. So we really felt good about opening Die Hard on Feb. 14."
Safe Haven, the latest Nicholas Sparks adaptation, took third place with $21.4 million, followed by the 3-D animated film Escape From Planet Earth, whose $16.1 million debut beat expectations by $3 million.
The zombie comedy Warm Bodies rounded out the top 5 with $9 million.
The only other major newcomer, the supernatural drama Beautiful Creatures, took the sixth spot with $7.5 million. Forecasters expected the movie, which also opened on Thursday, to do at least $15 million.
Final figures are due Monday.
While Pope Benedict slips away to a Lenten retreat, the Vatican struggles to determine whether it can legally speed up the process for choosing his successor. That's a bad idea, experts say.
Today News: Massive crowds jammed St. Peter's Square Sunday morning for one of the last public appearances of Pope Benedict XVI.
The 85-year-old pontiff blessed tens of thousands of pilgrims and Romans. They cheered as he asked for their prayers and thanks them for their "affection and spiritual closeness."
Sunday night he'll begin a Lenten retreat, leaving behind a world of speculation, rumors and conspiracy theories of why he's really resigned and who will replace him next month.
The Vatican's vague announcements feed the fire. The latest was spokesman Rev. Frederico Lombardi comments Friday that they were examining whether they can legally speed up the election for Benedict's successor.
Current church law is clear that a conclave is to be held no earlier than 15 days after the papacy is vacated.So a change would require finding a loophole in the densely woven canon laws on conclaves-- or getting a dispensation. Then it would be a frantic push to racewalk a new pontiff up the nave of St. Peter's for his installation so he'd be in place for Palm Sunday, March 24.
Bad idea, says political scientist and Vatican expert Rev. Thomas Reese. Among his reasons rushing "would be a mistake," Reese says:
-- "Church law should not be changed on a whim. Only the pope can change the rules; once he resigns, no one can change the rules.
-- "If the pope does change the rules before he resigns, which he can, the media will immediately be filled with conspiracy theories opining how this favors one candidate over another. The church does not need this."
-- Since the cardinals are scattered around the world, a short time period to the election tilts the deck in favor of those who are based in Rome, in the curia, the massive medieval bureaucracy of the church, who are "operating on their home turf. They are the ones who know all of the other cardinals because they all visit Rome."
Already, one of the papabile (Italian for people considered potential successors) Cardinal Gianfranco Ravasi, President of the Pontifical Council for Culture, has a showcase for speaking to his brethren. He will give the homily and set the itinerary for prayers during the week long retreat for the pope and the curia, and the Vatican affiliated paper, L'Osservatore Romano, will publish his comments o those medications.
The paper also says, Ravasi "is expected to speak about Joseph Ratzinger's possible future role" as in the life of prayer that Benedict has said he will lead iafter he steps down from the throne of St. Peter.
When Pope John Paul II died in 2005, it was Cardinal Joseph Ratzinger, then dean of the College of Cardinals and head of the powerful Congregation for the Doctrine of the Faith, who delivered key addresses during the funeral and the days leading to the conclave. When it was over, he was Pope Benedict XVI, Vicar of Christ and Bishop of Rome.
After 8 p.m. on February 28th, he will mostly likely be known as Joseph Ratzinger, bishop emeritus of Rome. After a respite at Castel Gondolfo, the pope's summer home, he will live as he has chosen, hidden away in a monastery in the Vatican gardens.
On Sunday at St. Peter's Square,a tourist from Wales, Amy Champion, told the Associated Press, "We wanted to wish him well. It takes a lot of guts to take the job and even more guts ... to quit."
Today News : A select few men have hung around in the NBA past the age of 40, and even fewer have made it past 45.
In fact, it appears that only one player has played after the age 44, and that was when 45-year-old Nat Hickey played in one game in 1948 and missed all six of his shots from the field for the Providence Steamrollers.
The oldest players of the modern era were Kevin Willis (44 in 2007) and Robert Parish (43 in 1997).
But at least one current NBA player thinks Michael Jordan could shatter those age marks. His Airness, who will turn 50 on Sunday, last donned an NBA uniform 10 years ago.
So if Jordan was to suit up this week, how would he fare? Los Angeles Lakers forward Antawn Jamison said Jordan could surprise some people.
"I wouldn't doubt that in the right situation with a LeBron (James) on his team or with a Kobe (Bryant) on this team, he could get you about 10 or 11 points, come in and play 15-20 minutes," Jamison told ESPN LA. "I wouldn't doubt that at all, especially if he was in shape and injuries were prevented and things of that nature."
Jordan still takes an active role with the Bobcats, and has even participated in practice.
During his Hall of Fame induction speech in 2009, Jordan mentioned playing at age 50, and despite laughter from the audience, he wasn't joking.
"One day you might look up and see me playing the game at 50," Jordan said. "Oh, don't laugh. Never say never. Because limits, like fears, are often just an illusion."
Could Jordan really come off the bench as a contributor at age 50? Probably not. But, hey, weirder things have happened.
More Read
