Dow edges toward record; closes at highest level since 2007
ASSOCIATED PRESS February 12, 2013 8:12AM
FILE - In this Tuesday, Feb. 5, 2013 file photo, trader Eric Schumacher works on the floor of the New York Stock Exchange, in New York. Tokyo's Nikkei 225 led Asian stocks higher Tuesday, Feb. 12, 2013, and investors appeared to have shrugged off an apparent nuclear test by North Korea. In the United States, on Tuesday, traders will be watching as the Labor Department releases the job openings and labor turnover survey for December and the Treasury releases the federal budget for January. (AP Photo/Richard Drew, File)
Updated: February 12, 2013 3:41PM
NEW YORK — The Dow closed at its highest level since 2007, coming within one percent of its record reached in October 2007.
The latest gain was powered by impressive results from two big consumer brands, Avon and luxury clothing maker Michael Kors.
The Dow Jones industrial average rose 47 points to 14,018 Tuesday, putting it within 146 points of its record high close of 14,164.
Avon surged 20 percent after its quarterly loss was less than analysts feared. Michael Kors rose 9 percent after its results impressed investors.
The Dow surged at the start of the year, logging its best January in almost two decades.
Two stocks rose for every one that fell on the New York Stock Exchange. Trading was lighter than the recent average at 3.3 billion shares.