Stock market closes in on record high

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Wall Street is poised to hit new milestones next week with the Dow Jones Industrial Average and Standard & Poor’s 500 both approaching record highs.

The Dow edged above the 14,000-milestone at Friday’s close, and is now just 165 points away from breaking its all-time high of 14,164.53 on Oct. 9, 2007.

The Dow, Wall Street’s benchmark index, finished up about 120 points Friday to close the week at 14,000.57.

Meanwhile, the S&P closed Friday up 13 points at 1,515.60. The index saw its first losing week of the year, after closing Monday at 1,530.94, but it is still within striking distance of the record high of Oct. 9, 2007,  when it closed at 1,565.15.

While some are warning the markets are overpriced, some market experts predict that the Dow could flirt with 15,000 and the S&P could hit 1,600 by the end of the year.

The rally has come despite rising gas prices, a sluggish economy and a continuing standoff in Washington between President Obama and congressional Republicans over “sequester” across-the-board spending cuts to the federal budget set to take effect March 1.

The Nasdaq, which closed Friday at 3,161.82, remains a long way from its March 2000 high of 5,048.62.

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