The Dow Jones industrial average was just 46 points away from hitting 14,000 at the close of the stock market on Tuesday, Jan. 29, 2013. While it didn’t hit the 14,000 mark, the Dow did close at its highest level since 2007, according to the Los Angeles Times.
The Dow is creeping up to the 14,000 mark this week, closing Tuesday at 13,954. It's just about only 200 points short of surpassing the all-time high. The all-time high was 14,164.53, which the Dow hit back in October of 2007.
According to the L.A. Times, the stock market’s slow climb in the last week is in part due to Washington’s defusing of the fiscal cliff along with investors knowing how capitol gains will be taxed. Analysts cite waning concerns over the U.S. debt ceiling, the Chinese economic slow-down and the European debt crisis for the rising investment trend.
Wall Street is also responding to the housing market’s improvement along with fourth-quarter earnings coming in better than expected. The same can be said about the jobless reports and industrial production beating expectations. Even though the data has been mixed investors are reacting to a trend of reports claiming improvement in recent weeks.