Benchmark Day On Wall Street Gets People Thinking About Investing

DENVER (CBS4) - It was a benchmark day for Wall Street on Tuesday as the Dow broke through 13,000 for the first time in almost four years. The last time was May of 2008.

The Dow couldn't hold the gains, however. It finished at 12,966, up 16 points. The S&P rose 1 point and the NASDAQ fell 3 points.

So is this the time to jump into the market, take profits and run, or hold tight?

4 On Your Side Money Saver Suzanne McCarroll got some advice from the pros. They say a person's age needs to be considered; how quickly the person might need to get the money out of the stock market; and how optimistic the person is about what's happening elsewhere in the world that could influence the market.

"I'm going to hold steady for now, so I'm in it for the long term," an investor told CBS4.

David Cooper of Edward Jones studies the market's upward trend and says it's not too late for those who have yet to invest. He says people in their 20s and 30s should be investing now.

"They definitely need to be looking at investing. They have a long-term time horizon," Cooper said.

Cooper says those in their 40s should jump into the market, but be less aggressive in choosing risky stocks.

'With interest rates so low right now, if you have money sitting in cash or sitting on the sidelines, you're not earning anything on it right now," Cooper said. "There are some great dividend paying companies out there right now."

For those nearing retirement and may need their money in the next five years, even with the Dow up, experts say to be cautious.

"With the Dow being at 13,000, it might be time to take some gains, take some chips off the table and put them in your pocket," Cooper said.

Still, to do well in the market investors need a healthy dose of optimism combined with a realistic awareness of all the influences on the market.

"Whether it's Europe or Iran, some of the more unstable nations; whether it's military or economic news will definitely impact the U.S. stock market," Cooper said.

Some analysts say hitting the 13,000 mark is a vote of confidence and will likely encourage more people to get into the market.