Dow Jones hits 13,000 but falls back a bit at close The Dow Jones industrial average crested 13,000 points for the first time since before the financial crisis, but failed to reach the milestone at Tuesday's close. The Dow has risen 20% since Oct. 3. The Dow first closed above 13,000 in May of 2008, and reached a peak of 14,164.53 in October of that year. The market was then roiled by the collapse of Lehman Brothers as the financial crisis punished global stock markets. "The fact that we're hitting 13,000 means that the old high of Dow 14,200 is within reach," said Tom Lee, chief U.S. equity strategist at J.P. Morgan. I think more people are going to be talking about the fact that this is a significant bull market. A confidential analysis of the deal written by analysts at the International Monetary Fund, European Central Bank, and European Commission cast doubt on the debt deal. The memo, first published by Reuters, noted: "Given the risks, the Greek program may thus remain accident-prone, with questions about sustainability hanging over it." The Dow bounced around on Tuesday morning, first entering negative territory before crossing 13,000 twice, reaching the day's high at 13,005.04. It finished up 15.82 points, or 0.12%, at 12,965.69. Gains made during the morning were cut when the price of crude oil hit a nine-month high and Wal-Mart missed earnings expectations as the low price retailer suffered from thin margins. "You have these conflicting signals," said Larry Palmer, a managing director in private wealth management for Morgan Stanley Smith Barney. There was the Greek bailout, so that pushed the market higher. Then we're getting to a point where people are starting to talk in the marketplace about $5 gasoline and you had a big miss with Wal-Mart on earnings. The index was up .98 points, or 0.07%, to 1,362.21. The technology-heavy Nasdaq composite fell 3.21 points, or 0.11%, to 2,948.57. The stock market's recent climb has caught many investors off-guard, especially since many of last year's problems are lingering.