Updated 03/08/2013 06:11 PM
Seeing green has some feeling positive about America's economic future
Despite a stalemate in Washington sending billions of dollars worth of spending cuts into effect last week, confidence in the economy experienced an unlikely spike this week. Our Karen Tararache has more on what a record week for the Dow could mean for the economy.
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NATIONWIDE -- Cuts, spending and sequestration, they're just a few of the buzz words we've been hearing come out of Washington lately. So then, how is it possible that now we're hearing this too?
“Another day, another all time high for the blue chips, stocks actually moved higher today,” Joya Dass reported.
Regardless of what some may believe to be a weaker economy, the Dow saw record numbers this past week, hitting highs it hasn't seen since October 2007.
President and CEO of Bouchey Financial Group Ltd., Steven Bouchey explained, "The stock market looks at the fundamentals of corporate America and the economy. It doesn't get caught up in the negative headlines of what's going on outside of that."
Factor in the 236,000 jobs that were added in February and you have what some financial experts calls the "wealth effect," when people gain confidence and feel wealthier because of lower unemployment levels.
"The stock market will go up because unemployment is coming down, because more people will go back to work and have jobs. So, they're able to spend money and that helps the economy to grow," Bouchey added.
It’s that kind of spending that has some lawmakers still hopeful and keeping positive.