29 February, 2012

CNN Breaking News

The Dow on Tuesday closed above 13,000 for the first time since May 2008 after a 25-point gain on lower crude prices and a strong consumer report.

While the 13,000 level is not considered technically significant, it is a psychological milestone.

Investors have been keeping a close watch on the oil market, where crude futures rose almost 9% in seven consecutive days, settling at a nine-month high above $109 a barrel Friday, amid concerns about increased tensions between Iran and Western powers.

The rise in oil prices has translated into higher gas prices, with the national average rising for 21 straight days.

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