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Tuesday
Feb212012

Dow Passes 13,000 Mark -- First Time Since May '08

Mario Tama/Getty Images(NEW YORK) -- The Dow Jones industrial average on Tuesday hit the intraday high of 13,000 for the first time since May 2008. The stock index is at a nearly four-year high, and a few points from closing at 13,000, which it has not done since May 2008.

With European finance ministers agreeing to a new bailout package for Greece, all eyes were watching whether the Dow would pass the psychological threshold of 13,000 after being closed on Monday in honor of Presidents Day. The index briefly passed the mark shortly before 11:30 a.m. Eastern Time before returning to about 12,995.

The Dow opened Tuesday morning at 12,980, then dropped lower. The S&P 500 opened to 1,364, which was that index's highest close since 2008. The Dow Jones Industrial Average closed Friday at 12,950, up 0.35 percent, and the S&P 500 closed at 1,361.

Eurozone finance ministers finished seven months of deliberating in Brussels and agreed to a bailout plan for Greece of 130 billion euros, or about $171.5 billion, the country's second infusion in three years. Martin Koehring, an economist for the Economist Intelligence Unit, said without the bailout, Greece faced the prospect of defaulting on a 14.5 billion euro -- or about $19.1 billion -- bond redemption due by March 20.

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ABC News Radio