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March 5, 2013

Dow Jones industrial average hits all-time high

NEW YORK — The Dow closed at an all-time high Tuesday, beating the previous record it set in October 2007, before the financial crisis and Great Recession.

The Dow Jones industrial average rose 125.95 points to 14,253.77, an increase of 0.89 percent. The index jumped from the opening bell, climbed as much as 158 points early and peaked at 14,286.

The Dow surpassed its previous record close of 14,164.53 from Oct. 9, 2007.

Tuesday’s record represents a remarkable comeback for the stock market. The Dow has more than doubled since falling to a low of 6,547 in March 9, 2009, following the financial crisis and the onset of the Great Recession. Stocks have been helped by stimulus from the Federal Reserve and quarter after quarter of record corporate profits, even as the economic recovery has been slow and unemployment has remained high.

“It’s the perfect confluence of events,” said Jim Russell, an investment director at US Bank. “This will grab everybody’s attention, it will be a front page story and it tends to draw people toward the market, not push them away from it.”

The recovery may have been quicker had memories of the financial system’s near-collapse not been on investors’ minds, said Robert Pavlik, chief market strategist at Banyan Partners.

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