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Dow closes at all-time high

The Dow closed at an all-time high, surpassing levels last seen in October 2007.

Dow record high 2013 03 05Enlarge
A trader smiles while working on the floor of the New York Stock Exchange. The Dow Jones industrial hit an all-time high on March 5, 2013, surpassing levels last seen in 2007. (Spencer Platt/Getty Images)

It may be fair to say that happy "Dows" are here again.

The Dow Jones Industrial Average surged to an all-time closing high today, surpassing levels last seen in 2007.

The benchmark index sailed past its previous record closing high of 14,164.53 set on Oct. 9, 2007, shortly after today's opening bell, USA Today reported.

More from GlobalPost: Dow Jones Industrial Average closes above 14,000 for first time since financial crisis

It remained solidly above the record at midday, hovering around 14,200.

The Dow, which has gained almost 9 percent this year, closed up 125.95 points, or 0.89 percent, at 14,253.77, Reuters reported.

The Standard & Poor's 500 Index gained 14.59 points, or 0.96 percent, to 1,539.79 while the tech-heavy Nasdaq Composite Index rose 42.10 points, or 1.32 percent, to 3,224.13.

Ten of the Dow's 30 component stocks hit new 52-week highs on the same day more than 450 stocks reached new yearly highs on the New York Stock Exchange.

The record gains top off a remarkable comeback for the US stock market, which has been on what can only be called a wild ride in recent years.

More from GlobalPost: Dow closes above 13,0000 for first time since May

The Dow plunged to a 12-year low of 6,547 in March 2009 following the financial crisis and Great Recession, but has doubled since then and withstood political gridlock and a shaky economic recovery, according to The Associated Press.  

“It does carry some psychological importance,” Jerry Webman, chief economist at OppenhiemerFunds, told the Wall Street Journal. “What a market needs is good fundamentals, enough pessimism so there’s dry powder, and enough optimism so there’s a reason to take some risks.”

 

http://www.globalpost.com/dispatch/news/business/130305/dow-hits-all-time-high