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Published February 21, 2012, 11:13 AM

Dow crosses 13,000 for first time since 2008

NEW YORK — The Dow Jones industrial average crossed 13,000 but didn't stay there long.

By: Associated Press, INFORUM

NEW YORK — The Dow Jones industrial average crossed 13,000 but didn't stay there long.

It was the first time the Dow moved above that level since May 2008, when the Lehman Brothers investment bank was still solvent and before the worst phase of the financial crisis.

The milestone came about two hours into the trading day Tuesday. The stock market got the final push from strong corporate earnings reports and a Greek bailout deal intended to prevent the next financial crisis.

The Dow moved above 13,000 for about 30 seconds at about 10:30 a.m. before dropping back just below that level.

The Dow was up 37 points at 12,987 at midday. The S&P 500 was up 4 at 1,365 and the Nasdaq was up 10 at 2,961.

Among big movers Tuesday:

• Wal-Mart fell 4 percent after missing analysts’ expectations for revenue and per-share earnings. The world's biggest retailer has lost some of its momentum in the past couple of years with strategic errors like a brief foray away from “everyday low prices,” which turned off cash-strapped bargain hunters, and a short attempt to declutter its shelves and offer fewer items, which turned off customers who went there for the convenience.

• Home Depot rose 2 percent after beating analysts’ expectations for revenue and per-share earnings. The home-repair giant has been hurt by the dour housing market, which has led homeowners to take on fewer expensive home renovations. Warm weather helped drive small-scale home projects in the latest quarter.

• Barnes & Noble climbed 5 percent despite missing expectations on revenue and per-share earnings, as rising costs offset higher sales of both traditional books and digital books. But investors seemed encouraged that the bookstore chain, a survivor in an era that has felled competitors like Borders and Waldenbooks, plans to introduce a cheaper Nook to compete with Amazon's Kindle Fire. It's also been shifting store inventory away from books toward games, toys and other gifts, a strategy that seems to be paying off.


Copyright © 2012 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.

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