NEW YORK (AP) -- It looks like cause for celebration: The Dow Jones industrial average surged from 12,000 to 13,000 in just six months. But appearances can be deceiving, and there may be more reason to worry than rejoice about Wall Street's latest accomplishment.
Stronger-than-expected profits from several large companies helped push the stock market to historical heights. But many big corporations, including the Dow components, made a chunk of that money overseas, where economies are growing faster than in the United States. And many of the same worries that weighed on investors earlier in the year remain: rising energy costs, a slumping housing market and a possible credit crunch.
Still, the stock market's best-known indicator swept past its latest milestone shortly after trading began Wednesday, and even made it past 13,100, rising as high as 13,107.45. The Dow, which has risen in 18 of the past 20 sessions and gained more than 780 points in that time, closed at 13,089.89, up 135.95, or 1.05 percent. It was the Dow's 35th record close since the start of October.
The broader market shared in the rally. The Standard & Poor's 500 index rose 15.01, or 1.01 percent, to 1,495.42, after reaching 1,496.59, a six-and-a-half-year high. The technology-dominated Nasdaq composite index advanced 23.35, or 0.92 percent, to 2,547.89, after hitting a six-year high of 2,551.39.
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