Dow Jones Industrial Average Passes 13,000
Wednesday, April 25th 2007, 8:44 am
News On 6
NEW YORK (AP) _ It looks like a cause for celebration: The Dow Jones industrial average surged from 12,000 to 13,000 in just six months. But appearances can be deceiving, and there may be more reason to worry rather than rejoice about Wall Street's latest accomplishment.
Stronger-than-expected profits from several large companies have fueled the stock market's recent rally to historic heights, but many of the same worries that weighed on investors earlier in the year remain: rising energy costs, a slumping housing market and a possible credit crunch.
The stock market's best-known indicator surged past its latest milestone shortly after trading began, and even inched past 13,100, rising as high as 13,102.90.