Dow Hits Pre-Crisis - Pre-Lehman Bankruptcy - Level, WSJ

Central Bank's Spending Binge Stokes Global Rally; 'Don't Fight the Fed'  

Global financial markets cheered the Federal Reserve's plans to spur the U.S. economy Thursday, driving commodity and bond prices higher and propelling the Dow Jones Industrial Average to levels last seen before Lehman Brothers collapsed two years ago.The Dow surged nearly 220-points to its highest level since September 2008 thanks to the Federal Reserve's plan to buy $600 billion in treasurys. Bob O'Brien and Kristina Peterson has details and tell us why gold prices also hit a new record. Interest rates and the dollar tumbled in response to the Fed's decision Wednesday to buy $600 billion of U.S. Treasury bonds, helping fan fresh rallies in oil, gold and Asian stock markets. Major U.S. companies including Coca-Cola Co. and Dow Chemical Co. raced to take advantage of the low rates, selling at least $12 billion of new debt.
By Mark Gongloff, Nov. 5, 2010 WSJ

Link to article

11/05/10 wsj