Track of the new height market

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Source : WSJ. Wed, March 6, 2013.

New height on the US Stock market

By CHRIS DIETERICH

NEW YORK—Blue chips continued to climb to new heights, pushing beyond the record levels reached in Tuesday's rally after a better-than-expected reading on the labor market.

The Dow Jones Industrial Average climbed 42.47 points, or 0.3%, to 14296.24 on Wednesday. On Tuesday ( March 5 ), the blue chips soared 126 points to punch through a closing level not seen since before the turmoil that ensnared the markets for 5½ years. Dow industrials have climbed for three sessions in a row and five out of the past six.

The Standard & Poor's 500-stock index tacked on 1.67 points, or 0.1%, to 1541.46. But the Nasdaq Composite Index fell 1.77 points, or 0.1%, to 3222.36, pulled down by Apple AAPL -1.27% and Google GOOG -0.86% .

Stocks have recovered with the aid of the Federal Reserve's aggressive efforts to boost the economy, strengthening corporate profits and a reinvigorated housing market.

"If you look at the equity market when we were at the same point back in 2007, two key sectors—housing and financials—were clearly rolling over," said Michael Shaoul, chairman of Marketfield Asset Management.

"This time, the homebuilding sector is taking off and the financial sector seems to be putting its big issues behind it, so we have key pieces of the economy with some acceleration behind them. I would say that, given we're in the middle innings of economic improvement, we should leave the 2007 levels well behind us," he said.

Stocks have gained ground this year at such fast clip that many investors have voiced concern that a pause is long overdue.