Is Dow's 13,000 Reason Enough to Celebrate?

Is the recent uptick in the Dow an indication of good things to come?

On Tuesday, the Dow Jones Industrial Average limped past the 13,000 mark - a spot it has not seen since May 2008 - driven to that point by good news from Greece and Europe, Reuters reports.

The milestone, more psychologically than economically important, follows several weeks of economic

On Tuesday, the Dow Jones Industrial Average limped past the 13,000 mark - a spot it has not seen since May 2008 - driven to that point by good news from Greece and Europe, Reuters reports.

The milestone, more psychologically than economically important, follows several weeks of economic strengthening but also came with higher oil prices and selling pressure, the news source notes.

If the cost of fuel rises, it's possible that consumers will cut back on spending in other areas, which would in turn damage corporations' earning prospects, Fred Dickson, the chief market strategist at D.A. Davidson & Co., told the news outlet. 

As Roben Farzad writes for Bloomberg Businessweek, having briefly passed the 13,000 point marker "is cold comfort for the fact that U.S. stocks have disappointed for more than a decade." He points out that it is still far from returning to the 14,165 peak it saw in 2007, and even if it had merely "kept pace with inflation over the last 12 years, it would be at 13,837 today."