The Dow once again failed to close above the elusive 13000 mark on Monday, despite positive housing and manufacturing reports. On Tuesday, this psychological barrier was broken, as the Dow finished above 13000 for the first time since May 2008. Stocks pulled back on Wednesday following Federal Reserve Chair Ben Bernanke’s comment that the economic rebound in the US was “uneven and modest”, while at the same time not giving any indication of a third round of quantitative easing to stimulate growth. On Thursday, a drop in initial weekly jobless claims gave stocks a boost, although an unconfirmed and ultimately untrue report that an explosion in Saudi Arabia destroyed pipelines detracted from the day’s gain. Stocks finished the week on Friday with modest losses on a slow economic news day.
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