Dow closes above 13K for first time since 2008
Posted February 28, 2012 6:55 pm.
This article is more than 5 years old.
The Dow Jones closed at a level not seen in more than three years, Tuesday.
The industrial average was up 23 to 13005 points.
This was the first close above the 13000 mark since May 19, 2008, before the market collapsed.
U.S. consumer confidence came in at a 12 month high, which had investors buying.
New York and Toronto stocks have been steadily moving higher over the last two months on signs of improving U.S. economy, easing worries about the European debt crisis and a technology stock surge.
The S&P/TSX composite index rose 40.1 points to 12,740.47 also finding lift from financials after Bank of Montreal handed in earnings that beat expectations.
BMO kicked off the big banks’ quarterly reporting season by handing in first-quarter profits that rose 34 per cent to $1.1 billion or $1.63 a share. On an adjusted basis, earnings were $1.42 per share, beating analyst estimates by six cents. Revenue increased to $4.12 billion from $3.47 billion and its shares rose 55 cents to $58.56.
The bank benefited from its major expansion into the U.S. with the recent acquisition of Milwaukee-based Marshall & Ilsley Corp. and analysts believe those deals will continue to help boost results.
The Nasdaq composite index was 20.6 points higher to 2,986.76 while the S&P 500 index gained 4.59 points to 1,372.18.
