Dow Closes Over 13,000

[Auburn85 434]

http://abcnews.go.com/blogs/business/2012/02/dow-closes-over-13000/

The Dow Jones industrial average closed above 13,000 for the first time since 2008, capping a remarkable run-up in stocks that has coincided with a revival of consumer confidence to levels not seen since well before the econ0mic downturn began.

The index, which is comprised of 30 large companies, is a closely-watch barometer of the stock market. The Dow has risen 6.74 percent this year after ending nearly even for all of 2011.

Despite record gas prices and ho-hum economic news, consumer confidence rose to 70.8, up more than 9 points since January 2012.

“Consumer Confidence, which had declined last month, posted a sizeable improvement in February. The Index is now close to levels last seen a year ago,” Lynn Franco, Director of The Conference Board Consumer Research Center said today in a statement.

“Consumers are considerably less pessimistic about current business and labor market conditions than they were in January. And, despite further increases in gas prices, they are more optimistic about the short-term outlook for the economy, job prospects, and their financial situation, ” said Franco.

It’s been a tough barrier to break. Last week, the Dow managed to skate above 13,000 several times but was unable to close above the mark. On Monday, the Dow was close to reaching above 13,000 but near the end of the day the Dow lost 1.44 points and closed at 12,981.51.

The last time the closed above 13,000 was on May 19, 2008, four months before the fall of Lehman Brothers investment bank and the worst of the financial crisis, according to the Associated Press.

[AURaptor 1,137]

Durable goods dropped in January by the most in three years, signaling slower economic growth and lower fuel demand.

[buzzurd24 11]

The stock market is a good sign for the public/consumer's confidence. It is not, by any means, a good indicator of the health of the economy.

[RunInRed 16,992]

But but but...

[bigsixfive 336]

The stock market is a good sign for the public/consumer's confidence. It is not, by any means, a good indicator of the health of the economy.

It's also a sign that money is being printed at a very, very high rate.

[RunInRed 16,992]

Dow Rises to Highest Level Since 2007

[Raven_tiger 5]

It would be over 28,000 if Obama wasn't a socialist... Just sayin.

[autigeremt 6,970]

Obama and his bailout buddies cashing in, while 18% of the American people sit at home out of work or giving up.

[arnaldoabru 11]

Obama and his bailout buddies cashing in, while 18% of the American people sit at home out of work or giving up.

Right, where are the jobs?