ECONOMY:: Dow Pierces 13000 – First time since 2008 – WSJ
By MB Snow at February 21, 2012 | 10:43 am | Print
The Dow Jones Industrial Average pierced the 13000 level for the first time since before the financial crisis.
The Dow broke 13000 just before 11:30 a.m. EST on Tuesday, fell back and then did it again just after noon. The index was trading just shy of the mark in midday trading, up 40 points, or 0.3%, at 12990. The Dow last traded at the 13000 level on May 20, 2008. The last time the Dow closed above that level was May 19, 2008.
The Standard & Poor’s 500-stock index was up 5.9 points, or 0.4%, to 1367. The Nasdaq Composite added 11 points, or 0.4%, to 2963.
Seven of the S&P sectors were higher, led by energy and materials stocks. Among blue chips, Alcoa rose the most, gaining 3.3%, followed by Caterpillar, which was up 2.1%.
Euro-zone finance ministers agreed to a €130 billion ($172 billion) rescue deal that requires private creditors to take a 53.5% haircut on their Greek debt. That is more than the 50% agreed on in October.
The agreement for a Greek bailout “shows resolve by Europe’s leaders and central banks that the system isn’t going to fall apart,” said Jason Pride, director of investment strategy at Philadelphia-based Glenmede. “Greece is not a big portion of the European economy, so this by itself does not necessarily drive the dynamic, but what happens in Greece has symbolic effects for Spain, Italy and Portugal.”
Still, European markets gave back some of the previous session’s gains as investors expressed caution over whether the bailout deal has solved Greece’s debt problems. The Stoxx Europe 600 ended down 0.5%.
via Dow Pierces 13000 – WSJ.com.