Dow, S&P 500 make record moves

The Dow Jones industrial average and the Standard & Poor’s 500 index each closed yesterday at record levels. The S&P 500 closed at 1569.19, surpassing the previous record of 1565.15 set Oct. 9, 2007.

The U.S. market indicator, encompassing 500 top companies in leading U.S. industries, has risen nearly 10 percent during the first three months of the year, despite worries of economic crisis in Europe.

Earlier this month, the Dow crossed its own premeltdown high, closing at 14253.77 on March 5 and climbing for eight straight days, its longest winning streak since February 2011. The index rallied again yesterday, setting a third record high – 14578.54 – in less than a month.

However, Stephen Evans, wealth management adviser and owner of Evans Wealth Planning LLC, said the peak is relative.

“When the market rises so fast like this, there is usually a pullback,” said Evans. “The market is nervous right now, but home prices are coming back, people have shed a lot of debt and consumer confidence is on its way back up. These are all contributing factors to the record highs.

“Looking back to Sept. 1, 2000, the S&P hit 1520.77, meaning in 13 years we have only risen 3 percent. It’s good to hit a high, but looking at the big picture, we’ve been relatively flat for the past decade.”

The Nasdaq also gained 11 points yesterday to close at 3267.52.

The markets are closed today in observance of Good Friday.