Dow at 10,000? That important?

[electricmonk]

This was my paper this morning. There hasn't been a headline that size since the war started. I'm not a stock market/financial person so I just don't see where it rates a headline like that. And FYI this paper usually tilts to the left at least in the editorials department.

[zbdent]

1. It is for trying to reselect Bush. Isn't this rag right-leaning?

Also, I don't have immediate access to the microfilm copies of when the Dow initially crossed (and stayed - that is more important) over 10000 under Clinton.

Bush still has a long way to get the good feeling that was under Clinton when the Dow was setting records almost daily.

[electricmonk]

2. It's actually fairly left

It has near constant editorials bashing * and they endorsed Gore in 2000. Most of their wire reports come from the AP though.

I don't know maybe they are just trying for a feel good article before the holidays. Get people to go spend some cash at their advertisers.

[tritsofme]

3. Well stocks are generally over their 18 months highs,

which is good news, but Dow 10,000 doesnt really mean anything, its just a physiological barrier.

[montanacowboy]

4. People constantly misunderstand

that what is good for Wall St. IS NOT, repeat...NOT good for Main St.

[tsipple]

5. What was the Dow when Bush took office?

Just wondering. :-)

[electricmonk]

6. Don't know the actual number

But * took office during the slide just above the w in Dow in the graphic.

[HFishbine]

7. 10,581.90

.

[tsipple]

9. And How About the NASDAQ and S&P Indices?

Also just wondering. :-)

[HFishbine]

10. Ask and you shall receive

NASDAQ: 2,759.10 vs current 1,938.65

S&P: 1,341.13 vs current 1,071.40

The NSADAQ is up 40% in a year, the DJ and S&P up nearly 20% in a year. These are tasty profits. Come January, when people won't have to pay capitol gains for 2003, look for a huge sell-off -- especially if the markets climb some more till the end of the year.

[tsipple]

11. Well, Not If You Bought Stock 1/20/01

Bush is one of those very rare presidents -- like Herbert Hoover -- who just might have a lower stock market on Election Day than when he took office.

Bush: the wealth destroyer.

[tritsofme]

13. I doubt it, the market would have be almost stagnant

for the DOW not to reach 10,581.90 in the next year. Thats only 5%, I wouldnt be surpised to see it at somewhere around 11,000+ come election day.

[mmonk]

8. No

though some like to say its a psychological barrier.

[Monte Carlo]

12. It's a vote of confidence, yes.

Regardless of the easy-to-print-and-plaster news story it makes, it is a good sign. But it must be taken within context. The big 10,000 mark on the Dow will give investors and businesses at least a twinge of confidence. But gains today are no promise of gains tomorrow. In all regards, this is still a very shaky Wall St. recovery.