Dow closes above 13000..first time since 2008
The Dow Jones industrial average on Tuesday reclaimed the last of the ground it held before the carnage of the Great Recession — bailouts, bank failures, layoffs by the million and a stock market panic that cut retirement savings in half.
The Dow closed above 13,000 for the first time since May 19, 2008, almost four months before the fall of the Lehman Brothers investment bank triggered the worst of the financial crisis.
It just cleared the mark — 13,005.12, up 23.61 points for the day.
“I think it’s a momentous day for investor confidence,” said Jack Ablin, chief investment officer at Harris Private Bank. “What this number implies is that the financial crisis that we were all losing sleep over, it never happened, because now we’re back.”
The average first pierced 13,000 last Tuesday but fell back by the close. It floated above the milestone again on Friday and Monday, but slipped below both days. A strong rally for stocks this year seemed stalled as worry built on Wall Street about climbing prices for oil and gasoline.
But on Tuesday, the Dow got the final push from a report that consumer confidence jumped in February to its highest level in a year. Improved perceptions of the job market made the difference.
The report, which came out at 8 a.m. MST, lifted the Dow over 13,000, and it stayed there for most of the day.
“Two months ago, we were talking about a double-dip recession. Now consumer confidence is growing,” said Ryan Detrick, senior technical strategist for Schaffer’s Investment Research. “A major milestone like 13,000 wakes up a lot of investors who have missed a lot of this rally.”
could this be a double top from 2008?
it would play out perfectly for march doom..i note it didnt rise again and fell..this could be a sign..we have had the good times..they are over?..or will it push on to a new high?