Analysts are heralding the Dow Jones’ jumps past 13,000 on two brief occasions Tuesday as a sign that all this talk of economic recovery may be more bull market than, well, bull. Here’s hoping they’re right. —KA
Los Angeles Times:
The Dow Jones industrial average crested 13,000 points for the first time since before the financial crisis, but failed to reach the milestone at Tuesday’s close.
The blue chip index’s latest surge has been driven by a stream of evidence signaling that the U.S. economy is on the mend. The Dow has risen 20% since Oct. 3.
The Dow first closed above 13,000 in 2007, and reached a peak of 14,164.53 in October of that year. The market was then roiled by the collapse of Lehman Brothers as the financial crisis punished global stock markets.
“The fact that we’re hitting 13,000 means that the old high of Dow 14,200 is within reach,” said Tom Lee, chief U.S. equity strategist at J.P. Morgan. “I think more people are going to be talking about the fact that this is a significant bull market.”