A week after managing to cross the 13,000 mark but falling back into the 12,000-zone, the Dow Jones Industrial Average closed at 13,005 points today. The Wall Street Journal says, "The Dow Jones Industrial Average closed above 13000 points for the first time in nearly four years Tuesday, before the financial crisis and global slowdown sent markets reeling." The NY Times notes, "The index, which tracks 30 of the biggest companies on Wall Street, last surpassed the milestone mark in a closing on May 19, 2008, when it ended trading at 13,028.16."
An analyst explained to the Times, "Thirteen thousand is not so very important technically as it is emotionally, simply because it is not 12,000. It is on the way to 14,000. It is kind of a landmark on the way... The market has rallied significantly since the October lows and everything seems to be trending in the right direction. We are waiting for the next catalyst."
And a chief investment officer in Indiana told Bloomberg News, "13,000 is just a number. The U.S. economy is in decent shape. The market is not expensive." Subtext: BUY.