Dow closes above 15,000 for first time
May 7, 2013 by Tribune report
Tribune report
3:16 p.m. CDT, May 7, 2013
The Dow Jones industrial average closed above 15,000 for the first time Tuesday, hitting a new all-time high on strong economic news overseas. The average finished at 15,056.20, up about 87 points or 0.6 percent.
The Dow first climbed above the psychologically significant 15,000 level last week, highlighting investors’ belief that the U.S. economy is on track to a full recovery. It marks the first major threshold passed by the closely watched average beyond pre-recession levels.
The Dow first climbed above the psychologically significant 15,000 level last week, highlighting investors’ belief that the U.S. economy is on track to a full recovery. It marks the first major threshold passed by the closely watched average beyond pre-recession levels.
The average scaled 14,000 in late 2007, but quickly reversed course as the U.S. became gripped in a massive financial crisis and the biggest economic downturn since the Great Depression. In little more than a year, the recession wiped out half the Dow’s value. The average stood in late 2008 at around 7,500, its lowest point since June 1997.
The Dow, an average of 30 major stocks including McDonald’s Corp., Caterpillar Inc. and Boeing Co., previously hit its highest closing on Friday at 14,973.96. Caterpillar, the Peoria-based construction and mining equipment behemoth, was Tuesday’s biggest gainer among Dow components, adding about 2.5 percent.
Meanwhile, the S&P 500 continued to top its gains for the year, rising for the third straight day to yet another high.
An unexpectedly strong unemployment report and strong corporate earnings have helped to fuel both indices.
Meanwhile, the S&P 500 continued to top its gains for the year, rising for the third straight day to yet another high.
An unexpectedly strong unemployment report and strong corporate earnings have helped to fuel both indices.
Originally Posted at Chicago Tribune on May 7, 2013 by Tribune report.
Categories: Industry Articles
