Hot Dow Heats Up To 17-Months High

The Nasdaq Composite finished atop the 2,400 level for the first time since August 2008
The major market indexes continued to explore new heights today, with help from a batch of better-than-expected housing data. More specifically, the National Association of Realtors said existing home sales backpedaled by 0.6% to an annual rate of 5.02 million in February, narrower than the expected decline to 5 million units. While sales of previously owned homes are now at their lowest level in eight months, today's data left the Street optimistic ahead of the Commerce Department's monthly report on new home sales, slated for release tomorrow. Against this backdrop – and thanks to some long-awaited closure on the health care front – stocks extended their rally into the close, with the bulls on pace for a solid first-quarter finale.

The Dow Jones Industrial Average (DJIA – 10,888.83) finished near its intraday peak of 10,893.89 today, adding 102.9 points, or 1%, as 28 of its 30 components ended higher. Caterpillar and Kraft Foods paced the advancing equities, while Home Depot and Exxon Mobil bucked the trend.

Today marks the Dow's highest daily close since Sept. 26, 2008 – meaning the blue-chip barometer is fast approaching pre-financial-crisis levels.

In similar fashion, the S&P 500 Index (SPX – 1,174.17) tacked on 8.4 points, or 0.7%, to settle at its highest level since Sept. 26, 2008. Thanks to the SPX's impressive technical prowess of late, the index is poised to close the month atop its 160-month moving average. Not to be outdone, the Nasdaq Composite (COMP – 2,415.24) wrapped up the day on a gain of 20 points, or 0.8%, to finish atop the 2,400 level for the first time since Aug. 18, 2008.

Both the SPX and COMP settled just a hair's breadth shy of their intraday peaks of 1,174.72 and 2,416.51, respectively.

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