The Dow industrial average has shot past 13,000 for the first time. The market has been fairly bullish in recent months — it was just October that the Dow closed above 12,000 for the first time. The NASDAQ and S&P 500 are also in record-high territory.
At the closing bell, the Dow index stood at 13,089 — a gain of 136 points on the day.
Sam Stovall, chief investment strategist for Standard and Poor's Equity Research, tells Robert Siegel that the index's new heights may lead investors to buy more stocks, as they see signs of a strong economy.
In addition to the stable global economy that has dissipated fears of a U.S. housing slump's effects on the national economy, Stovall says that the weaker U.S. dollar is benefiting many American businesses.