Dow Closes Above The 13,000 Mark
February 28, 2012 by staff
Dow Closes Above The 13,000 Mark, The Dow Jones industrial average on Tuesday finally reclaimed 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.
According to preliminary calculations, the Dow finished at 13,005.12, up 23.61 points for the day.
“People can see that the markets bounce back and are resilient over time,” said Marc Scudillo, managing officer at EisnerAmper, a financial advice company in Bridgewater, N.J. “That’s a powerful message.”
The average first pierced 13,000 last Tuesday, then floated above the milestone again on Friday and Monday, but it could not hold the mark. A 6 percent rally in the Dow this year has stalled as worries build on Wall Street about climbing prices for oil and gasoline.
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 10 a.m., lifted the Dow over 13,000, and it stayed there for most of the day.
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