The Dow has bested the previous high of October 9, 2007.
“It really does represent an achievement that we have climbed out of this crater,” said Jack Ablin, chief investment officer at Chicago’s BMO Private Bank, which manages $66 billion.
Shortly after Tuesday’s opening bell, the Dow industrials climbed past the 14164.53 closing peak hit on Oct. 9, 2007 and then broke through the intraday record of 14198.10, set Oct. 11, 2007, and continued rising above 14200.
The average slid 54% over the 18 months that followed the 2007 record, bottoming at 6547.05 in March 2009. Since then, the blue chips have more than doubled. A close above the October 2007 high would be a record for the Dow average.