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Dow closes above 10,000 mark for first time this year
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| Contributor | kal |
| Last Edited | kal Oct 14, 2009 03:48pm |
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| Category | General |
| Media | Newspaper - USA Today |
| News Date | Wednesday, October 14, 2009 09:00:00 PM UTC0:0 |
| Description | The Dow Jones industrial average has reclaimed 10,000 for the first time in a year. The Dow crossed five figures in afternoon trading Wednesday, seven months after it hit a 12-year low of 6,547.05 on March 9. The comeback by the stock market's best-known indicator is the most visible sign yet that investors believe the economy is indeed recovering from the financial crisis and recession.
The Dow rose 140.27, or 1.4%, to 10,011.33. The Standard & Poor's 500 index rose 18.20, or 1.7%, to 1,091.39, and the Nasdaq composite index rose 31.06, or 1.4%, to 2,170.95.
Cheering erupted from traders on the floor of the New York Stock Exchange as stocks briefly moved above the psychological barrier. The Dow fell back into the 9,990 range in the normal ebb and flow of trading.
"People feel more comfortable and feel like there's less risk in the market when you get above a psychological point like 10,000," said Carl Beck, a partner at Harris Financial Group.
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