Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
On this day 12 years ago, the Dow Jones Industrial Average closed above 14,000 for the first time in history.
Where The Market Was
The Dow Jones Industrial Average closed the day at 14,000.41 and the S&P 500 traded at 1,553.08. Today, the Dow is trading at 34,687.85 and the S&P 500 is trading at 4,327.16.
What Else Was Going On In The World?
In 2007, Rupert Murdoch acquired Wall Street Journal owner Dow Jones & Co. Apple, Inc. (NASDAQ: AAPL) announced the release of the first iPhone at a cost of $599.
It took the Dow just six months to get from 12,000 to 13,000 for the first time in April 2007 and three more months to make it from 13,000 to 14,000 by July. Incredibly, it would take the Dow nearly six years to make it from 14,000 to 15,000 for the first time.
The Dow reached as high as 14,198.10 during its 2007 run before the mortgage bust and subsequent financial crisis sent it tumbling more than 50%. The Dow ultimately bottomed at 6,469.95 in early 2009.
As the economy recovered, the Dow eventually made it back to new all-time highs in March 13 and never looked back. It hit the 15,000 mark in May 2013, the 20,000 level in January 2017 and the 25,000 level in January 2018. It crossed 27,000 in July 2019.
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