The Dow Jones Industrial Average climbed above 13,000 for the first time in almost four years, though it failed to hang onto the gains through the day's end.
The Dow, as quoted by Wall Street Journal, passed above 13000 a few times Tuesday, rising as high as 13005. It ended the day at 12965.69, up 15.82 points, or 0.1%.
The Standard & Poor's 500-stock index toyed with a milestone of its own, briefly surpassing its high reached last April before closing up 0.98 point, or 0.1%, at 1362.21. The advance came after a long weekend that saw progress on two worries that have dogged investors for months.
In Europe, euro-zone finance officials and Greek political leaders agreed on a new bailout and debt restructuring for the Mediterranean country. In Beijing, central bank officials loosened bank lending requirements. In recent months, twin concerns about the debt woes of Europe and a slowdown in China had weighed on investor sentiment, even as the U.S. economy recovered.
The Dow's inability to finish above 13000 echoes the market's previous stalls at certain levels. While the vast majority of professional money managers and exchange-traded funds track the S&P 500, rather than the Dow, the long history of the blue-chip index makes it a key benchmark.
"Whenever we pass through levels like Dow 13000, we get calls from clients," said David Waddell, president and chief investment strategist at Waddell & Associates Inc. in Memphis, Tenn., which manages $600 million in assets. "At the same time, the institutional investor community likes to punch their tickets at these levels and sell into this."
How about Indonesia stock market today? Bisnis Indonesia provides stock recommendations:
Jakarta Composite Index (JCI) may move in limited way today to the resistance level of 4,022. Several stocks such as DOID, ITMG, PGAS, and TLKM may face correction.
Today, the JCI is estimated to rise in limited way and may move within the support-resistance of 3,985-4,032.
The JCI may move in mixed position within the range of 3,963-4,040. Several stocks to watch: TINS, MEDC, and INCO.
Disclosure: No position at the stock mentioned above.
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