Dow again falls just shy of 13,000 mark
Brokers work their post on the trading floor of the New York Stock Exchange on Thursday. Stocks recovered from an early loss, and the Dow rose 46.02 points to close at 12,984.69. (Feb. 23, 2012) Credit: AP
The Dow Jones industrial average made another run at 13,000 but couldn't quite get there.
Stocks recovered from an early loss Thursday and pushed the Dow within four points of the milestone. Investors were encouraged by more good news on U.S. jobs, but gains were limited by poor results from retailers such as Safeway and Kohl's.
The Dow finished up 46.02 points at 12,984.69. The Standard & Poor's 500 index gained 5.80 points to close at 1,363.46. The Nasdaq composite index climbed 23.81 points to 2,956.98.
The Dow pierced 13,000 three times Tuesday but could not hold the milestone. The average hasn't closed above 13,000 since May 19, 2008, four months before the financial crisis.
Investors were encouraged Thursday after the government reported that the number of people seeking unemployment benefits last week was unchanged. The four-week average was the lowest in four years.
High unemployment has been a problem for retailers, which have been forced to slash prices even though they are paying more to make and ship their goods. The burden showed in Thursday's earnings reports.
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