How Now, Grown Dow?

Republicans say the stock market is at a record high. Eh, not really.

By Daniel Gross
Updated Thursday, Oct. 26, 2006, at 4:53 PM ET

The Dow Jones industrial average first closed above 12,000 on Oct. 19, and has remained above that lofty benchmark ever since. The breaching of 12,000 produced much joy at CNBC, whose ratings spiked last Thursday. Only 24,000 points more to Dow 36,000!

Dow 12,000 quickly became a Republican talking point. On Oct. 19, Dick Cheney boasted that "we've got all-time record highs on the Dow Jones Industrials again today." Earlier this week, White House flack Tony Fratto noted that "we're seeing record highs in some of the markets, and that tells us, and we think it tells Americans, that there is a great deal of confidence in our economic future."