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Tue February 28, 2012
Dow Does It: Closes Above 13,000
Originally published on Tue February 28, 2012 3:47 pm
For the first time since the 2008 financial crisis, the Dow Jones Industrial average has closed above the 13,000 mark.
It didn't do it by much — about 5 points.
We'll have more in a moment.
Update at 4:15 p.m. ET:
As The Wall Street Journal reports, "after just failing to close at the milestone during the five previous trading sessions, the Dow gained 24 points, or 0.2%, to close at 13005."
Bloomberg News says "a better-than-estimated consumer confidence report bolstered optimism in the world's largest economy," and led to today's gain. The Conference Board's widely watched consumer confidence index rose to 70.8 in February, from 61.5 in January, the business research group said earlier today.
Before the market's 4 p.m. ET close, TheStreet.com was writing that "if the market can manage to punch through and close above that key psychological level on the Dow at 13,000, then we could easily see stocks continue to trend higher in the very short-term. This action will force the bears to cover some their short positions as many sectors and stocks continue to breakout and trend higher."