Dow Jones industrial average crossed 10,000 points today. It was great news, because it crossed it for the first time in the last one year. At Wall-Street, traders tossed commemorative caps and uncorked champagne.
This was a big event for traders who had seen the average to reach 14,164.53 in October 2007 and then slide down to 6,547.05.
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.
It was the first time the Dow had touched 10,000 since October 2008, that time on the way down.
“I think there were times when we were in the deep part of the trough there back in the springtime when it felt like we’d never get back to this level,” said Bernie McSherry, senior vice president of strategic initiatives at Cuttone & Co.
Ethan Harris, head of North America economics at Bank of America Merrill Lynch, described it as a “relief rally that the world is not coming to an end.”
Is recession over? Or is it just a small relief before another burst?