Dow hits record high
POSTED: Tuesday, March 5, 2013 - 6:45pm
UPDATED: Tuesday, March 5, 2013 - 6:49pm
NBC NATIONAL NEWS — It was a record day on Wall Street with the DOW Jones industrial average reaching its highest point ever!
It's a remarkable comeback for the DOW that has more than doubled where it was four years ago.
Within seconds of the opening bell, the DOW took a giant leap well passed the previous high set in October 2007 and stayed there throughout the day closing at 14,253.
Many market watchers say its record run isn't over yet.
"It's just a measure of corporate profitability and by that measure a new high on the DOW and record profits on the S&P type names are very much in sync and so i think we are actually going to see the market move higher," said Chief Market Strategist of ConvergEx Nicholas.
The DOW has more than doubled from March, 2009 when the financial crisis and great recession sent it tumbling to 65-hundred.
It's rise is somewhat of a surprise now given all the turmoil in Washington.
"I think we all know you've got a little bit, maybe more than a little bit of drag here in the first part of the year due the tax increases," said Bill Stone of PNC Wealth Management.
Tax increases, fiscal cliffs and sequesters had many believing the market would retreat, but with yield on other investments so low some say the stock market's the only option for even the most cautious investor.
"With long term rates at 1.90, well below 2 percent right now, it is very easy to be brave," said Scott Nations, NationsShares.
The news from Wall Street is right in line with a strengthening economy, where housing is recovering, more companies are hiring and corporate earnings are strong.