The Dow on Tuesday closed above 13,000 for the first time since May 2008 after a 25-point gain on lower crude prices and a strong consumer report.
While the 13,000 level is not considered technically significant, it is a psychological milestone.
Investors have been keeping a close watch on the oil market, where crude futures rose almost 9% in seven consecutive days, settling at a nine-month high above $109 a barrel Friday, amid concerns about increased tensions between Iran and Western powers.
The rise in oil prices has translated into higher gas prices, with the national average rising for 21 straight days. Ref. CNN
Stocks record biggest gains of year
The Dow Jones Industrial Average closed up 220 points at 13,179, the highest close since the last day of 2007. The Nasdaq composite index closed above 3,000 for the first time since December 2000. The S&P is up 11% for the year. Ref. USAToday
A mixed performance Friday capped a stellar three months for stocks, with the Dow Jones industrial average and Standard & Poor's 500 posting the biggest first-quarter gain since 1998.
Despite a slight decline for the day, the Nasdaq had its best first quarter since 1991, according to the Stock Trader's Almanac.
On Friday, the Dow gained 66 points, or 0.5%, according to early tallies. The S&P 500 added 5 points, or 0.4%, the Nasdaq edged down 4 points, or 0.1%. Investors weighed a report on consumer spending and a boost in the eurozone bailout fund. Ref. CNN
Wall Street suffered its bloodiest day of the year as U.S. Stocks sank more than 2% following an ugly jobs report. The Dow erased all its gains for the year, dropping more than 270 points for the day.
The 10-year yield on U.S. Treasuries hit another record low after the jobs report showed only 69,000 jobs were added to payrolls in May. The unemployment rate ticked higher for the first time in a year, rising to 8.2%. Ref. CNN