For the first time since May 2008, the Dow Jones industrial average (DJIA) closed above 13,000 on Tuesday, adding 24 points, or 0.2 percent. Though the 13,000 level is not measured as momentous, it is reported as a psychological milestone. The S&P 500 added 5 points, or 0.3 percent, and the Nasdaq added 21 points, or 0.7 percent. Even though gains were not significant, they were enough to drive the S&P to its highest levels since June 2008, while the Nasdaq is trading at its highest since December 2000.
As investors continue to monitor U.S. stocks, they also have been observing the oil market, where crude futures rose almost 9 percent in seven straight days. Due to tensions between Western powers and Iran, a rise in oil has converted into a rise in gas prices. The national average of gas prices has risen for 22 consecutive days, standing above $109 a barrel on Friday. Durable goods orders, long-lasting materials such as machinery, furniture, and appliances, were dropped by 4 percent. Chief U.S. economist, at High Frequency Economics, Ian Shepherdson said, “Unquestionably, it [the durables orders]looks bad, but the context is important. We see no evidence of underlying slowing in the industrial economy, so we look for a rebound in February and the re-emergence of the upward trend over the next couple of months.”
