A few digits can carry a lot of weight.
When the Dow Jones Industrial Average closed at 10114 last Wednesday, many traders breathed a sigh of relief. It marked the first time in three months that the index closed above 10000.
In the past few years, the 10000 mark has become an important psychological benchmark in the market. The return to 10000 renewed optimism for some investors, though many analysts caution that we may still be on a slow road to long-term economic recovery.
A quick look at the Dow and that magic number over the past two years:
March 16, 1999 The Dow first touches 10000.
March 29, 1999 The Dow closes above 10000 (at 10007) for the first time.
Jan. 14, 2000 The Dow reaches its highest point, closing at 11723.
Sept. 5, 2001 The last day the Dow closed above 10000 (at 10033) before last week.
Sept. 21, 2001 The Dow's lowest close (8236) since Sept. 5.
Dec. 5, 2001 The Dow breaks 10000 once again, closing at 10114.