Dow closes just shy of 13,000 mark
Traders Mario Innella, left, and Anthony Riccio work on the floor of the New York Stock Exchange. Stock markets advanced Friday, Feb. 17, on hopes that Greece would soon get its crucial second bailout and following another batch of upbeat U.S. economic news. (Feb. 8, 2012) Credit: AP
The Dow edged teasingly close to the 13,000 mark on Friday, a milestone it hasn't reached since before the financial crisis in 2008.
The Dow Jones industrial average rose 46.02 points, or 0.36 percent, to close at 12,950.10, its highest close for the year so far. That followed a 123-point surge Thursday, when it also set a closing record for 2012.
The rest of the market struggled for direction on what turned out to be a quiet news day ahead of the long Presidents Day weekend. The Standard & Poor's 500 index rose 3.19 points, or 0.23 percent, to 1,361.23, also setting a record close for 2012. The Nasdaq composite index, after surging Thursday, fell 8.07 points, or 0.27 percent, to 2,951.78. Greek debt talks idled, and a key economic indicator, U.S. consumer prices, came in at about what analysts expected.
The Dow hasn't closed above 13,000 since May 19, 2008. Lehman Brothers and Merrill Lynch still existed, and unemployment was just 5.4 percent, compared to the current 8.3 percent.
Though 13,000 would be just a number on a board, with no direct bearing on the fundamentals of the economy, its psychological effect could still be important. People and businesses tend to spend based on how they feel about the economy. -- AP
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