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Dow grows to near record level

Mar. 05, 2013 @ 12:00 AM

NEW YORK -- Investors brushed off early jitters about a potential slowdown in China and pushed the Dow to its highest close of the year.

The Dow Jones industrial average rose 38.16 points, or 0.3 percent, to 14,127.82. The index is a fraction of a percentage point away from its record close of 14,164, reached on Oct. 9, 2007.

The stock market has rallied this year on optimism that the U.S. housing market is recovering and signs that companies are hiring more. Strong corporate earnings and continuing economic stimulus from the Federal Reserve have also boosted stock prices.

In other trading, the Standard & Poor's 500 rose 7 points, or 0.5 percent, to 1,525.20. The Nasdaq composite gained 12.29 points, or 0.4 percent, to 3,182.03.

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