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."