Dow Cracks 14,000
Psychological threshold passed for first time since 2007
By Kevin Spak, Newser User
Posted Feb 1, 2013 9:45 AM CST
A trader laughs while working on the floor of the New York Stock Exchange in New York, Thursday, Jan. 31, 2013.   (AP Photo/Seth Wenig)

(Newser) – The Dow Jones Industrial Average hit a major psychological milestone today, cracking 14,000 for the first time since the financial crisis, CNBC reports. The move lasted only for a moment—seconds later it had pulled back below the threshold—but the Dow is still trading more than 100 points higher than where it opened. The optimism was fueled by a halfway decent jobs report, and strong manufacturing numbers.

Still, it remains to be seen how significant the move is. "Something like the Dow going to 14,000, I can contain my enthusiasm about that," says one investor. "It doesn't mean very much." Another financial adviser even suggested that this is evidence of a new, worrisome bubble, powered by the Federal Reserve. "We're screwed long-term," he said. "This has been the trend for the last 20 years. We have a crisis, build a bubble to get out of it ... and then we crash."

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Showing 3 of 14 comments
Ivan_the_Gypsy
Feb 3, 2013 9:25 PM CST
The State Media lied to us again and said the rise is because of the lower unemployment figures released by the State Media. Of course they're lower because thousands of people collecting unemployment have run to the end of the period they can collect and have given up looking for jobs and have gone on welfare and are collecting welfare benefits. The stock market reflects the price of inflation and devaluing of the dollar.
Dewser
Feb 1, 2013 10:23 AM CST
I wonder what the man is actually laughing at in this photo.
$2963277
Feb 1, 2013 10:17 AM CST
Damn that socialist Obama!!!!!