NEW YORK (WWJ/AP) – The Dow Jones industrial average crossed 13,000 on Tuesday for the first time since May 2008, when the Lehman Brothers investment bank was solvent, unemployment a healthy 5.4 percent and the worst of the Great Recession months ahead.
The milestone came about two hours into the trading day. The stock market got the final push from strong corporate earnings reports and a Greek bailout deal intended to prevent the next financial crisis.
“It’s more of a physiological barrier than a real barrier. A lot of people look at any kind of a whole number as someplace they can go look. On the other hand, the Dow has a lot of great room in it and the stocks seem to be willing to go up and wanting to go up ,” said Leon LaBrecque, managing partner and founder of LJPR in Troy.
TM and © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.