The Dow Jones Industrial Average surged to its highest closing level ever, finally overcoming the losses tied to the financial crisis on the back of a tenacious stock rally that began in March 2009. And the blue chips did it with an exclamation point—a 125.95-point blast that left the old record in the dust.

"It really does represent an achievement that we have climbed out of this crater," said Jack Ablin, chief investment officer at Chicago's BMO Private Bank, which manages about $66 billion.

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