NEW YORK (CNNMoney.com) -- The Dow industrials closed above 12,000 for the first time ever Thursday, the 19-year anniversary of the October 1987 stock market crash that was the worst one-day drop in Wall Street's history.

The 30-share Dow (up 19.05 to 12,011.73, Charts) finished 0.2 percent higher, setting a record closing high for the ninth time in the last 12 sessions.

The Dow closed above 12,000 for the first time ever Thursday as solid corporate profits renewed investor confidence amid a slowing economy.

The broader S&P 500 (up 1.00 to 1,366.96, Charts) index closed 0.1 percent higher while the Nasdaq composite (up 3.79 to 2,340.94, Charts) ended up about 0.2 percent.

"It's more of a symbolic passage than a meaningful new high," Eric Thorne, a portfolio manager with the Bryn Mawr Trust Company in Pennsylvania, told Reuters. "It signifies a good strong market, but it's a fairly narrow index, and we would prefer to see the rally broaden out."

Other investors have said it's important for the Dow to cross the 12,000 mark because the index always faces resistance whenever it comes close to crossing a big, round number.

This time around it was particularly important for investor confidence because it comes in the middle of earnings season amid concerns of a slowing U.S. economy.

The Dow crossed the 12,000 milestone during trading hours for the first time Wednesday but failed to finish above that number.

Mostly solid corporate profits were the main driver behind Thursday's 12,000 finish.

"Third quarter earnings have been relatively good, and the outlook optimistically cautions," said Steve Neimeth, a portfolio manager at AIG SunAmerica.

A combination of factors - including solid corporate profits, the possibility of flat or declining interest rates and a cooling of commodity prices - have all helped fuel the record-setting run on Wall Street, according to Warren West, president of Greentree Brokerage Services.

"The economy continues to weaken," West said. "But everyone is convinced the Federal Reserve will be able to engineer a soft landing" of slower growth and lower inflation without a recession.

After the bell, Google (Charts) reported profit and revenue that soundly beat Wall Street estimates and shares in the search engine surged 5 percent.

Tech stocks were volatile during normal trade Thursday, with some issues swinging widely.

Apple Computer (up $4.46 to $78.99, Charts) reported earnings after the bell Wednesday that easily topped Wall Street expectations, although its guidance for the current period was a bit below forecasts. The stock jumped 6 percent in Thursday trade.

Online auction site eBay (Charts) also reported better than expected results as well and the shares also climbed about 6 percent.

But chipmaker Advanced Micro Devices (down $3.22 to $21.01, Charts) posted improved earnings that fell short of forecasts and the stock skidded 11 percent.

And computer maker Dell (down $1.58 to $23.12, Charts) tumbled 6 percent after the research firm Gartner said rival Hewlett-Packard (up $0.55 to $39.56, Charts) reclaimed the top spot in global PC sales.

Banks didn't fare well either, although their stock price swings weren't as drastic.

Citigroup (down $0.32 to $49.87, Charts) reported better-than-expected earnings but revenue that fell short of forecasts. Shares of the nation's biggest bank stock fell about 1 percent.

Bank of America (down $0.55 to $53.26, Charts) saw its stock fall more than 1 percent despite profits that topped forecasts.

In other earnings news, Coca-Cola (up $0.95 to $44.91, Charts) posted improved results. Drugmaker Pfizer (down $0.42 to $27.68, Charts) saw earnings edge past forecasts. Conglomerate Honeywell beat (down $1.05 to $41.58, Charts) estimates. And McDonald's (down $0.70 to $40.77, Charts) reported improved results that met its recently raised guidance.

Falling oil prices, strong earnings and fewer inflationary concerns helped lift the Dow above 12,000 for the first time Wednesday, although it closed just short of the benchmark.

Oil prices rose Thursday after Saudi Arabia said it supports a production cut of 1 million barrels a day. OPEC is currently meeting in Vienna to discuss such a cut.

U.S. light crude gained 90 cents to $58.55 a barrel on the New York Mercantile Exchange.

Treasury prices fell, lifting the yield on the 10-year note to 4.77 percent from 4.76 percent late Wednesday. Bond prices and yields move in opposite directions.

In currency trading, the dollar fell against both the euro and the yen.

COMEX gold closed up $9.90 at $602.50.

On the economic front, the Index of Leading Economic Indicators, a measure of future economic growth, rose 0.1 percent in September to 137.7, the index's first rise in three months. But it was still below Wall Street expectations for a 0.3 percent gain.

The Philadelphia Federal Reserve Bank said its business activity index fell to negative 0.7 in October from -0.4 in September, sharply lower than forecasts for a rise to 7 in October. A reading above zero indicates growth.

Initial jobless claims fell to 299,000 last week from 309,000 the previous week, according to the Labor Department. Economists surveyed by Briefing.com had forecast 310,000 claims.

Stocks closed mostly lower in Asia. Most indexes also finished lower in Europe as well.

Market breadth was positive. On the New York Stock Exchange, winners beat losers three to two on volume of 1.3 billion shares. On the Nasdaq market advancers topped decliners four to three as 1.6 billion shares changed hands.

Thursday marked the 19-year anniversary of the October 1987 stock market crash, so-called "Black Monday," the worst one-day drop in Wall Street's history. On Oct. 19 of that year the Dow tumbled 22.6 percent.

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