Updated: 5:05 p.m. ET

The Dow Jones Industrial Average ($INDU) came within about 15 points of topping its 2007 closing high Thursday afternoon, but late selling stalled what had looked like a decent rally.

The Dow ended the day down 21 points to 14,055 -- and 110 points below its all-time closing high of 14,164.53, set on Oct. 9, 207. The other major averages suffered small declines as well.

The 95-point downside swing for the blue chips will undoubtedly suggest to some that the stock market has hit a peak. But it will take a few days at least for the picture to clarify itself.

In addition, to the Dow's finish, the Standard & Poor's 500 Index ($INX) closed down 1 point to 1,515. The Nasdaq Composite Index ($COMPX) gave up a sizable gain, dropping 2 points to 3,160.

Despite the pullback, the major averages did manage to finish higher in February. The Dow's 1.4% gain was its third monthly gain in a row. The S&P 500 and the Nasdaq were higher for a fourth straight month.
The Dow was up 1.4% for the month, with the S&P 500 up 1.1% and the Nasdaq up 0.6%.

The Dow reached as high as 14,149.15 just after 2 p.m. ET. That was just below the blue chips' all-time closing high of 14,164.53, reached on Oct. 9, 2007. The index hit its intra-day peak of 14,198.10 two days later -- but ended the day down 64 points.

The S&P 500 finished 51 points below its peak close of 1,565.15, also set on Oct. 9, 2007. The Nasdaq is still 37% below its March 2000 peak of 5,049, reached during the dot.com bubble.

The market was higher much of the day, with the Dow up as many as 74 points before the selling began. The gains were prompted in part by a decent jobless claims report and a revision to fourth-quarter gross domestic product figures. The government's latest report shows the economy growing -- barely -- in the last three months of 2012. The original estimate  said the economy was shrinking -- barely.

In addition, Mario Draghi, president of the European Central Bank, said he had no plans to raise interest rates any time soon, echoing what Federal Reserve Chairman Ben Bernanke said on Tuesday and Wednesday.

The Dow has risen about 116% since its bottom on March 9, 2009. That bottom came after a decline of nearly 54% from the October 2007 peak. At that time, stocks plunged as the U.S. housing bubble burst and the global financial system came under extreme pressure.

The collapse helped produced the worst recession since World War II and saw the near collapse of the U.S. banking system, the housing markets, and the U.S. auto industry.

The Dow's recovery since 2009 has been led by American Express (AXP), up 487%; Caterpillar (CAT), up 287%; and Home Depot (HD), 278%. The laggards have been Hewlett-Packard (HPQ), down 21%, and Exxon Mobil (XOM), up 38.7%.

More on Top Stocks

• Apple takes bite out of famed hedge fund managers
• Midday Movers: JC Penney, Sears, Barnes & Noble
• 8 of the most shorted stocks in the market