Good news economy: Dow Jones reaches high not seen since 2008

by Dina Elrashidy

For the first time since May 19, 2008, the Dow Jones industrial average closed above 13,000 on Tuesday according to the Star Tribune.

"Two months ago, we were talking about a double-dip recession. Now consumer confidence is growing," Senior Technical Strategist for Schaffer's Investment Research Ryan Detrick said. "A major milestone like 13,000 wakes up a lot of investors who have missed a lot of this rally."

The average inched close to the 13,000 mark in the past week but didn’t make it until now.

A report shows that consumer confidence in February reached its highest level of the year.

In January, the economy saw an additional 243,000 jobs — marking one of the three best months seen since 2006.

Even so, optimists beware. The same old problems are still around.

"We know that profits eventually have to come down, we know that something will happen in the Middle East, we know that Greece isn't going to do everything it says it's going to do. We're seeing black swans everywhere," John Manley, chief equity strategist for Wells Fargo's funds group, said.

Still, there’s reason to celebrate.

"I think it’s a momentous day for investor confidence," said Jack Ablin, chief investment officer at Harris Private Bank. "What this number implies is that the financial crisis that we were all losing sleep over, it never happened, because now we're back."