Wednesday 22nd February 2012

Dow passes 13,000, then….

by Alan Thornhill

Investors briefly pushed the Dow Jones index above the 13,000 mark last night, before reassessing the latest Greek bailout deal.

That took the index to its highest point since May 2008.

The index closed 15.90 points up, over the day’s trading, at 12,965.80

US industrial stocks lost steam in late trading.

Investors started to take a more sober look at the $US170 billion Greek rescue package, about the same time.

Bill Stone, the chief investment strategist at the PNC Financial Services Group told MarketWatch that the deal provided Greece with enough money to avoid a disorderly fault in the near future.

However he added “it’s unlikely the story is over.”

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Alan Thornhill is a parliamentary press gallery journalist. Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.

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