Investors Celebrate The 10,000 Point Dow
October 14, 2009 by Tisa Silver
Filed under Finance
A year and one week after the Dow crossed 10,000 from above, it has reemerged from below!
When the barrier was crossed, traders took a moment to stop and cheer.
Twenty-five of the Dow’s component stocks rose today. The strongest gains were posted by Bank of America (BAC), JPMorgan Chase (JPM), Du Pont (DD), Pfizer (PFE) and Catepillar (CAT). Bank of America shares rose 4.38 percent, the remaining stocks rose over 3 percent each.
Photo by kevinzhengli, courtesy of flickr
The laggards include Wal-Mart (WMT), AT&T (T), Verizon (VZ), Johnson & Johnson (JNJ) and Home Depot (HD).
The significance of 10,000 shouldn’t exist, but obviously it does. Its existence and the associated hooplah confirm that investors still feed into market superstitions and inefficiences.
The number 10,000 shouldn’t mean more than 9,234 or 11,000. Naturally, I am happy the market up, because the higher it goes, the better for my portfolio.
However, I am only really happy to see it above 10,000 if that is where it is really supposed to be. We’ll have to wait for the answer to that!
A feel-good number that we can use to celebrate 10 years of 0% returns. But it is a lot better than where things were back in March.
Definitely much better than March!