Thread: Dow hits new all time record high

Dow hits new record high

By CNNMoney Staff @CNNMoneyInvest March 5, 2013: 9:52 AM ET

NEW YORK (CNNMoney)

The Dow hit a new record high within the first few minutes of trading Tuesday.

The Dow Jones industrial average gained nearly 100 points, rising as high as 14,226.20. That topped both the Dow's intraday and closing records that were set in October 2007.

The S&P 500 added 10 points, and is within 2% of its record closing high of 1,565.15, also reached in October 2007. The Nasdaq rose 27 points, or 0.9%.

Stocks have had a strong start to 2013. Even with a largely uneventful, February, all three indexes are still up between 6% and 9% so far this year.

Investors will also be looking for any signs of progress in talks to end the budget impasse in Washington, known as sequester. The Obama administration has started making $85 billion of cuts and some federal workers have started getting furlough notices.

U.S. stocks shrugged off the budget fight to end higher Monday.

Dow hits new record high - Mar. 5, 2013

5 March 2013 Last updated at 12:52 ET

World stock markets hit new highs

Traders work on the floor of The New York Stock Exchange
New York's Dow Jones share index sets a new all-time high on Tuesday, while London's FTSE 100 closes at it highest level in five years. . .

BBC News - Dow Jones and FTSE climb to new highs

Dow hits new all-time high

CBS MoneyWatch's Alexis Christoforous reports for CBS2. (Source: CBS New York)

Reuters
1:10 p.m. CST, March 5, 2013

The Dow Jones Industrial Average closed at a new all-time high on Tuesday, breaking through levels last seen in 2007 as equities jumped 1 percent in a broad rally.

Investors poured money into blue-chip stocks in expectation of more gains amid signs of a strengthening U.S. economy.

With the day's advance, the Dow has gained nearly 9 percent so far this year, ahead of the S&P 500 and Nasdaq Composite Index.

Ten of the Dow's 30 component stocks reached new 52-week highs on a day when 418 stocks hit new yearly highs on the New York Stock Exchange.

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Analysts said Tuesday's advance was linked less to one specific catalyst and more to the same factors that have been driving the rally this year, namely, attractive valuations and liquidity resulting from the U.S. Federal Reserve's easy monetary policies.

"Just because we're testing old highs doesn't necessarily mean the markets are going to capitulate. The underlying fundamentals still remain in place," said Joseph Tanious, global market strategist at J.P. Morgan Funds in New York.

Markets have shrugged off the stalemate between the congressional Republicans and the White House over automatic U.S. government spending cuts, known as the "sequester." Other recent headwinds, including political turmoil, have also been navigated without much pain, with investors using any decline as an opportunity to buy.

"It's been a bumpy ride, obviously, the past few years, but it appears corporate America has proved its resilience once again," Tanious said.

The Dow's previous record closing was set on Oct. 9, 2007, when it ended at 14,164.53.

Dow hits new all-time high - chicagotribune.com

CNN

Dow posts triple-digit gains to close at a record high of 14,254. Nasdaq climbs 1.3%, S&P rises 1%.

updated 4:06 PM EST, Tue March 5, 2013