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Dow Crosses 13,000 First Time Since 2008

February 21, 2012 by   - () Leave a Comment

Here is some good news from Wall Street: The Dow Jones industrial average crossed 13,000 today (Feb. 21) for the first time since before the 2008 financial crisis.

The Dow passed 13,000 about two hours into the trading day, then quickly dropped back. Its last time above 13,000 during a trading day was May 20, 2008, four months before the Lehman Brothers investment bank went under, The Associated Press reported.

U.S. stocks got help from a long-awaited bailout deal for Greece, aimed at preventing a potentially catastrophic default, and from strong corporate earnings reports at home.

Just after 11:30 a.m. EST, the Dow was up 43 points at 12,993. In other trading, the Standard & Poor’s 500 was up five points at 1,366. The Nasdaq composite index was up 10 points at 2,962.

The U.S. stock market has climbed steadily this year, primarily because of optimism about the economy. High gasoline prices are emerging as a chief concern for the economic recovery for the rest of the year, though.

A gallon of regular costs $3.57 on average, 40 cents more than a year ago and the highest on record for this time of year. With tension building over Iran’s nuclear ambitions, Iran has halted oil exports to Britain and France and threatened to stop shipping to other European countries.

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