The Dow almost hit 11,000 before retreating late in the trading day. Still, the blue- chip barometer closed up about 14 points to a new record of 10,845. In the end pharmas, financials and techs all fell. Once again, it was stocks of paper, aluminum and manufacturing companies that salvaged the Dow. Analysts say these companies are trading so below their valuations, there's no place for them to go but up.
Investors can be a merciless lot.
As generous and loving as they can be to companies who work hard and play by the rules, they can be downright ruthless to those failing to perform at or even above expectations. Just look at the companies that got slapped today. Let's start with America Online. The company released its quarterly earnings yesterday. Shares of the trendy equity tumbled 10, closing at 143 and falling even more in after-hours trading.