Dow closes above 10,000 -1st time in yr

iVillage Member
Registered: 03-23-2003
Dow closes above 10,000 -1st time in yr
3
Wed, 10-14-2009 - 5:36pm
Dow closes above 10,000 for 1st time in a year
http://seattletimes.nwsource.com/html/businesstechnology/2010059296_apuswallstreet.html

When the Dow Jones industrial average first passed 10,000, traders tossed commemorative caps and uncorked champagne. This time around, the feeling was more like relief.


By SARA LEPRO and TIM PARADIS


AP Business Writers


NEW YORK —


When the Dow Jones industrial average first passed 10,000, traders tossed commemorative caps and uncorked champagne. This time around, the feeling was more like relief.


The best-known barometer of the stock market entered five-figure territory again Wednesday, the most visible sign yet that investors believe the economy is clawing its way back from the worst downturn since the Depression.


The milestone caps a stunning 53 percent comeback for the Dow since early March, when stocks were at their lowest levels in more than a decade.


"It's almost like an announcement that the bear market is over," said Arthur Hogan, chief market analyst at Jefferies & Co. in Boston. "That is an eye-opener - 'Hey, you know what, things must be getting better because the Dow is over 10,000.'"


Cheers went up briefly when the Dow eclipsed the milestone in the early afternoon, during a daylong rally driven by encouraging earnings reports from Intel Corp. and JPMorgan Chase & Co. The average closed at 10,015.86, up 144.80 points.


  remainder of article at link above.


 

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iVillage Member
Registered: 03-26-2003
Wed, 10-14-2009 - 7:37pm
This is excellent news.
iVillage Member
Registered: 03-18-2000
Thu, 10-15-2009 - 8:59am

Yes it's good news but those that aren't invested in the market, out of work or having their homes foreclosed wont be cheering or "uncorking champagne".


We lost about 15% of the value of our investments

 


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Registered: 03-23-2003
Thu, 10-15-2009 - 11:38am

ITA.