Investor Ideas Snapshot: Dow Hits Record High
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Point Roberts, WA - March 5, 2013 (www.investorideas.com newswire) Earlier today the Dow hit a new record high, topping 14,264. The previous record was 14,198.10, set in October 2007, when investors were squarely focused on the Federal Reserve. The Fed had cut rates for the first time in four years and was worried the housing implosion would hit consumers and the broader economy. Today, the Fedís actions have juiced stocks and helped boost the economy, but the recovery after the 2008 financial crisis remains slow-going.
The 30-stock Dow climbed as high as 14,250, and will secure a new record close so long as it finishes above 14,164.53. With most of the index's components in positive territory, with only UnitedHealth Group in the red, it seems likely the index with beat its 2007 spike.
Investors appear to have shrugged off the fight over $85 billion in forced government spending cuts as the Obama administration has started making the cuts and some federal workers are getting furlough notices.
While the Dow makes the biggest headlines, most professional money managers focus on the S&P 500, a broader index of large-cap stocks. That too, is in striking distance of its record close. The 500-stock index was up 12 points to 1,537 earlier today, fewer than 30 points below its all-time close of 1,565.15.
Despite positive market growth, S&P chief equity strategist Sam Stovall offered a perspective that is growing more pervasive, suggesting the market may be due for a pullback. The theme of exhaustion is one shared by many predicting a stumble with the major averages at or near record levels.
Once the pullback is over though, it may be out-of-favor names that lead the next leg of the advance, and the biggest focus is on Apple. Shares of the iPhone-maker were up 1.3% today, better than the broader market's gain and bouncing off fresh 52-week lows hit Monday.
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