Dow Jones Industrial Average

March 1, 2012 by staff 

Dow Jones Industrial Average, Now that the Dow Jones industrial average has closed above 13,000, an all-time high is in sight – just 1,160 points away. But the path won’t be smooth for the stock market or the economy.

The Dow’s final push above the milestone came from a report that Americans feel better about the economy than they have in a year.

But other economic data Tuesday were more grim: Orders for big-ticket factory goods dropped by the most in three years, mainly because the government withdrew a key tax subsidy. And home prices are stuck at 2002 levels.

“I don’t think 13,000 guarantees 14,000,” said John Manley, chief equity strategist for the Wells Fargo funds group. “I do think there still is a lot of skepticism about the short term.”

Market futures were up early Wednesday. Dow Jones industrial average futures added 20 points. Standard & Poor’s futures gained three points, and Nasdaq composite futures rose six points. Markets were also higher in Europe, following gains in Asia.

The next big test comes March 9, when the government releases the number of jobs added by the country in February and updates the unemployment rate.

For a day, though, Wall Street could savor something it hadn’t seen since May 2008, before the bailouts, bank failures and millions of layoffs of the Great Recession – Dow 13,000.

The Dow last closed above 13,000 on May 19, 2008, almost four months before the fall of the Lehman Brothers investment bank triggered the worst of the financial crisis.

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