Dow Cracks 14,000

Psychological threshold passed for first time since 2007
By Kevin Spak,  Newser Staff
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." (Read more Dow Jones stories.)

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