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Economy bounces back as Dow closes at record high Last Updated : 06 Mar 2013 01:10:22 PM IST Dow closes at record high
Tuesday's rise in the US stock benchmark that tracks 30 blue-chip companies came despite sequestration or the automatic spending cuts coming into force.
The rally saw Dow Jones topping the previous record set in October 2007 and helped investors overcome the losses tied to the financial crisis in 2008-2009.
"It really does represent an achievement that we have climbed out of this crater," Jack Ablin, chief investment officer at Chicago's BMO Private Bank, which manages about USD 66 billion, was quoted as saying by The Wall Street Journal.
"We're back to the highest levels in history, but we've got more things going for the economy and the market than we did last time," said Art Hogan, managing director at Lazard Capital told.
At the same time Nasdaq, which rose more than 42 points on Tuesday, is nearly 40 per cent below its all-time highs that were set in March 2000, prior to the collapse of the dotcom bubble.
The Nasdaq is trading at its highest level since November 2000 though, CNN said.
Not commenting on the markets, the White House Press Secretary, Jay Carney, told reporters that country's economy is poised to grow and poised to create jobs.
"I would simply say that we have an economy in 2013 that outside economists say and I think government economists agree is poised to grow and poised to create jobs, if only Washington did not unnecessarily hinder that progress," he said.
"What we know, unfortunately, is that if Washington were not in the way here when it came to imposition of the sequester, the growth that we do see and the job creation that we do see would have been better, would have been greater, if it were not for this adamant refusal to approach this problem in a balanced, sensible, common-sense way," he said.
On Tuesday at the New York Stock Exchange stocks got another boost after a reading on the service sector in the US showed that it had risen to its highest level of activity in a year, surprising analysts, The New York Times said.
"Given that the service sector accounts for close to 85 percent of the US economy, the strong performance on this index suggests that the overall recovery may be continuing to build on the positive momentum at the end of the year," Millan Mulraine, a senior strategist at TD Securities was quoted as saying.
"There are some important caveats to the record, however. The Dow is a rather narrow measure of the stock market, so it can provide a somewhat distorted picture of the market's performance," he said.
Source:PTI, Other Agencies, Staff Reporters
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