BRUSSELS – The DOW rose above 14,000 for the first time since 2007. Despite this being good news for America, the Euro also got stronger and rose to a value of more 1.36 dollars.
NDJ World | Published: Feb 01 2013 Europe→World News
The Euro has been rising steadily over the past several months but Friday’s new value factor is the highest it’s been since November 2011.
Euro and Dow rise substantially, but Dow drops quickly again. Photo Credit: Photo News
That’s good news for anyone traveling abroad Europe as they get ‘more value for their buck’ so to speak. That’s especially true when traveling to country such as the United States, were the dollar keep hanging on.
It is also good news for Europe’s export companies because their products are now more expensive to purchase for outlets on the other side of the Atlantic Ocean – the United States.
As for the Dow trading high at 14,000, as soon as the Bluechip index hit the magic number it pulled back.
The last time the 30-stock Dow traded over 14,000 was in the days before the financial crisis and the near-collapse of Wall Street.
On Friday, the market crested that psychological level, buoyed by positive economic news.
But Jack Bogle, founder and chairman of the Vanguard Group, told CNBC, “It doesn’t mean very much.”
Liz Ann Sonders, chief investment strategist at Charles Scwab added: “It’s too soon to say a turn is in, but it does feel maybe a little different this time.”
Just last week however, Facebook and Apple both saw a substantial dip in their shares’ value.
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