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Tue May 7, 2013
Dow Jones Closes Above 15,000 For First Time
Originally published on Tue May 7, 2013 3:24 pm
The Dow Jones Industrial Average closed above 15,000 on Tuesday for the first time in its history.
"The Dow's push above 15000 comes as investors' confidence in the economic recovery grows. While earnings reports have been lackluster in recent weeks, a strong report on U.S. hiring last Friday helped dispel worries about a slowdown in the economic recovery like the ones the U.S. has suffered in recent spring seasons.
"'Investors have played the worry game, and those that have sat on the sidelines in cash are starting to question that, because this has been a pretty resilient market,' said Sean Lynch, global investment strategist at Wells Fargo Private Bank, which oversees about $170 billion in assets."
So far this year, reports CNBC, the Dow has surged 14 percent. The S&P isn't far behind, climbing 13 percent.