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Wall Street closes mixed after Dow tops 13,000

Brendan Mcdermid / Reuters

Traders work on the floor of the New York Stock Exchange Tuesday.

By msnbc.com news services

Updated at 4:00 p.m. ET:

Wall Street closed Tuesday mixed as shares pulled back after the Dow breached 13,000 for the first time since May 2008, the latest big move in stocks' recent rally.

Greece's securing a bailout to avoid a disorderly default initially supported stocks, but investors said the news had been priced in to the market.

The 13,000 level, which the Dow first moved above briefly in morning trading, doesn’t hold a great deal of significance to market analysts, but “it’s nice to see a symbolic number,” Art Cashin, UBS director of floor operations, told CNBC.

The Dow last moved above 13,000 on an intra-day basis on May 20, 2008. It last closed above that level on May 19, 2008.

Climbing oil prices gave investors a reason to sell Tuesday. U.S. crude oil prices rose to a nine-month high amid Iran supply worries.

Signs of improvement in the economy and stabilization of Europe's debt crisis have driven the Dow more than 20 percent higher since late last year, while the S&P has climbed more than 8 percent so far this year.

Euro zone finance ministers agreed on a 130 billion euro ($172 billion) rescue for Greece to avert an imminent chaotic default after forcing Athens to commit to unpopular cuts and private bondholders to take bigger losses.

"We're running into some minor selling pressure given the extent of the rally we've seen," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon, despite the upbeat news on Greece.

Even with the bailout, Greece faces a long road to economic recovery. European Union officials said the Greek economy will only return to growth in 2014 after a recession that will shrink output by 17 percent.

Results from retailers were mixed. Wal-Mart Stores Inc shares were the top drag on the Dow, falling after its quarterly profit came in short of expectations.

Home Depot Inc shares were up after the home improvement chain's quarterly profit beat estimates.


Top finance professor bullish on the stock market

Reuters contributed to this report.

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