Dow Reaches 13,000, First Time Since 2008
The Standard & Poor’s index was up 5.9 points, or 0.4 percent. The Wall Street Journal reported that the Nasdaq Composite added 11 points, or 0.4 percent.
According to The New York Times, analysts said that the 13,000 mark had symbolic significance, considered to be the financial and economic thresholds of economic recovery.
The Associated Press reported:
The 13,000 level is a psychological milepost, but in a market built on perception, it could influence more cautious investors to pump more money back into the stock market, analysts said.
Dan McMahon, director of equity trading at Raymond James, told the AP that 13,000 is just “a big round number.”
McMahon told the AP that the marker is “a positive catalyst, and that’s what we need to get us through the next range.”
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