Dow Industrials start off in record territory

Tuesday morning's opening puts the stock market benchmark above its previous closing high.

By Mike Mercurio Mar 5, 2013 10:47AM
After jumping up 60 points at Tuesday morning's opening, the Dow Jones Industrial average is last up by 149 points, or 1%, to 14,277. That opening put the widely followed equity benchmark above its previous all-time closing high of 14,164. It's also now also well above its previous intraday high of 14,198, set on Oct. 11, 2007. Investors in the U.S. were cheered Tuesday morning by overnight news that China was planning a new spending program aimed at keeping its economy on a strong growth track.

Also, the Institute for Supply Management's services index for February was released this morning, showing a better-than-expected rise for this key measure. The reading of 56 rose from 55.2 in January and gave stocks some extra fuel.

And so far at least, the sequester budget cuts aren't having the worst-case-scenario impact on Wall Street. The U.S. fiscal crisis appeared to weigh less heavily on investors today as President Barack Obama stepped up his efforts to work on a way out of the $85 billion in spending cuts. Also, Republicans in the House announced a plan to avoid a government shutdown at the end of March.

All eyes will remain on the stock market as the day progresses.

120Comments
Mar 5, 2013 10:59AM
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Washington is full of Idiots that need to be voted OUT
Mar 5, 2013 11:05AM
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Yay for the USA!  There are jobs....go out and get one. It may not be what you WANT to do, but get a darn job of any kind and build from there. Be part of the solution instead of part of the problem..have some good old fashion PRIDE!  United we stand divided we fall :)  Our parents and grandparents did it we can too!
Mar 5, 2013 11:00AM
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Shocking!  Once again.  The people at the top and at the bottom are doing great under the leadership of Washington, while the middle class working families take a beating.  Typical Washington.  Make the way clear for everyone but those who break their backs building it up. Hand outs at an all time high and the stock market at an all time high. 
Mar 5, 2013 11:03AM
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What this really proves is that Wall Street no longer considers the U.S. government capable of solving its differences or acting in a responsible way, and therefore the markets now ignore the government.  In other words:  Do not let Washington impact how we do business.  This is great in the short-term, but it could come back to haunt both the government and the markets.  In the end, these record markets do not show the real problem with the U.S. economy.  That is, a middle and lower class go deeper and deeper in the hole while the top gains at record pace.  At a certain point, no markets can withstand a middle class continuing pulling back for decades.  History has proven that.
Mar 5, 2013 11:01AM
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Not news worthy. I have seen the market Break records in the past. This one is laughable and the market has lost meaning to it's impact. As long as the Feds keep printing paper and Obama devalues it through idiotic Math and spending, all we can do is wait for the crash! 
Mar 5, 2013 10:57AM
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What goes up, must come down. Or maybe; those who do not learn from history are doomed to repeat it.

 

I'm keeping my money in a mason jar in the backyard. Y'all have fun now, ya' hear.

Mar 5, 2013 11:14AM
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From all the comments people are just so happy it's like they want America to fail!!!!! Oh well I'll stay positive and carry on with my life that way...see the positive avoid the negative...that is all.
Mar 5, 2013 11:07AM
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Honestly....can it get any worse...YES
Mar 5, 2013 11:10AM
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Sorry guys, but mason jars don't cut it.  The stock market has outperformed bonds, CD's, inflation and gold over the past 50 years and is NOT just a place for high rollers.  Investments in funds which replicate the S&P 500 or similar indices are safe and investments in AMERICAN companies.  Look at the performance of IRA"s and 401K's over the years and they FAR out perform the growth in Social Security which many think is so wonderful.  If you want to see history repeated, put your money in CD's and mason jars and watch the upcoming Obama inflation eat you alive.  The market is doing well right now because interest rates give no return.  A word to the wise....... 
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So what? Doesn't do a damn thing for those looking for work, needing mediated help, or help for food, or even medications. Pass the money around like  roulette game see who gets the bundle.  
Mar 5, 2013 11:11AM
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The sequester budget cuts are not anywhere near the percentage that middle class working family's have had to make the past three years. Obama is running over a trillion dollar deficit year after year and just keeps wanting more and more taxes to spend. 85 billion is just a small fraction of a reduction in the deficit he will pile up again this year. I don't really care that hundreds of thousands of federal employees (many who sit on their azz all week and make two or three times the median income) have to take an unpaid day off once a week for several months.
Mar 5, 2013 11:04AM
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Cut all federal state and county  workers wages by 5% and nobody gets laid off. Start form the top and go all the way down.
Mar 5, 2013 11:16AM
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Entitlements are the killers of Nations- 1 trillion last year and that's only for welfare- no mention of that being reigned in- I guess you couldn't find a rope big enough- Spend us into Spain Obama
Mar 5, 2013 11:02AM
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When I and my fellow tradesmen see it  in the form of income will it be good news!!!
Mar 5, 2013 11:13AM
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How does the Dow have a record high when this coun try is going down the toilet because of the idiots we have in Washington?
Mar 5, 2013 11:05AM
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For the love of money. Reminds me of the gamblers in the temple when Jesus came, they still kept gambling while the poor starved and misery was all around. I say a man or woman can do whatever they want with their money as you can't spend it in Heaven, nor take it to hell, so enjoy the sin while it is yours, for me, I am giving my dollar to that poor man on the street with a cup and receiving my blessing the best way. Love to all.
Mar 5, 2013 11:36AM
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wow the DOW just passed the mark set under Bush

 

 

except that when it was this high under President Bush unemployemnt was HALF  of what it is now under obama

Mar 5, 2013 11:03AM
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Stock markets up, interest rate down, you only get mugged if go down town, and the middle class can't survive.
Mar 5, 2013 11:15AM
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Dem logic:  The crappy economy is still Bush's fault.  Terrible GDP - Bush!  High UE rate - Bush!  Deficits - Bush!  But the soaring stock market - that's all Obama!
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