Tuesday brought on the 13,000 milestone for the Dow Jones Industrial Average. It has yet to hold on any solid basis and it remains unknown if the DJIA 13,000 mark will truly draw the retail investors back into the market. We have been surprised about how fast the DJIA 13,000 mark came about, but not so surprised about the level itself. 24/7 Wall St. gave a peak DJIA analysis at the start of the year that gave us a 2012 peak estimate of 13,678 at some point this year.
The question to ask now is whether or not the NASDAQ can hit 3,000 again. The last DJIA 13,000 was in early 2008. The NASDAQ is currently within almost 2% of NASDAQ 3,000. What is more interesting is that the NASDAQ has not seen 3,000 since the year 2,000 and that was on the way down after the popping of the tech bubble and dot-com bubble.
It was back in November 1999 when the NASDAQ went above 3,000 for the first time and it peaked at about 5,132 in March of 2000.
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