Reporting from New York—
The Dow Jones industrial average is inching closer to the psychologically important 13,000 mark, a milestone that was last hit just before the financial crisis walloped stock prices around the world.The nation's most-watched index rose 0.4%, or 45.79 points, to 12,949.87 on Friday and gained 1.2% for the week. The advance follows a 123-point rally during the previous session that put the index within striking distance of the 13,000 level it last hit in May 2008.
Broader market indicators were mixed as traders remained cautious ahead of the three-day Presidents Day weekend. The Standard & Poor's 500 index rose 0.2%, or 3.19 points to 1,361.23. The technology-heavy Nasdaq composite was down 0.3%, or 8.07 points, to 2,951.78, but finished higher for the week.
Stocks have been barreling higher this year, with the Dow piling on almost 2,400 points in just four months. The breakneck pace has astonished some investors and analysts, especially amid continued concerns about sustaining the U.S. economic recovery and the European debt crisis.
"Four months ago we were talking double-dip recession and Europe was going to bring a down slide, but now it doesn't look that way at all," said Ryan Detrick, an analyst at Schaeffers Investment Research in Cincinnati... read more.
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