Dow surges to record and keeps going
POSTED: Wednesday, March 6, 2013 - 4:23pm
UPDATED: Thursday, March 7, 2013 - 8:20am
HIDALGO COUNTY, TEXAS (KVEO NEWS CENTER 23) — Within seconds of the opening bell on Tuesday, the Dow Jones Industrial average took a giant leap, it well passed the previous high set in October 2007 and stayed there throughout the day closing at 14,253.
MBA Program Director and Associate Professor of Finance, Dr. Dave O. Jackson says, "So what we have been seeing recently with the Dow running up is that investors are putting more confidence in stocks generally and specifically in the companies that make up the index. "
Despite tax increases, fiscal cliffs, and sequesters, U.S. stocks opened higher following a surge in markets across the globe.
For many here in the valley the stock market gains are a sign our economy is shaping up.
Mizel Gonzalez of Mission says, "I think it's a very positive thing for the stock market here in our country." And Melissa Vento of Edinburg also believes it's a positive sign. She says, "For the country i think it's a really positive thing that the stock market is doing so well."
The Dow has more than doubled from March 2009, when the financial crisis and great recession sent it tumbling to 6,500. And it's rise is somewhat of a surprise now, given all the turmoil in Washington, but despite lingering worries about the nation's fiscal troubles analysts say we could see the market continue to climb in coming weeks.
And that's something positive especially for the stock market, however, on the other hand national unemployment remains stuck at 7.9%, gas prices are still averaging $3.73 a gallon, and the sequester have now kicked in.