Wednesday, April 25, 2007

Dow Crosses 13,000 --- cool

Dow Reaches 13000 on Profits, Alcoa
April 25, 2007 11:09 a.m.

It took just a couple minutes of trading Wednesday for the Dow to cross 13000, though by midmorning it had slipped beneath it again. Better-than-expected durable-goods data, Alcoa's strategic-options exploration and strong earnings results lifted stocks right at the open.

The Dow Jones Industrial Average rose 38.43 to 12992.37. The S&P 500 added 4.38 to 1484.79, and the Nasdaq Composite Index gained 4.78 to 2529.32.

"The broad-based confirmation that we saw was important" on the Dow's record, with the S&P 500, the Nasdaq, plus transports and utilities all moving to records or multiyear highs as well, said Marc Pado, U.S. market strategist at Cantor Fitzgerald. But he thinks the markets are "nearing the end of this particular run" and may lose some steam once earnings season ends.

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