Dow at 10,000? 'Hold the Cheering'

It's decent news, but let's not get carried away
By John Johnson,  Newser Staff
Posted Oct 14, 2009 1:58 PM CDT
A board on the floor of the New York Stock Exchange shows the Dow Jones Industrial Average as it crosses 10,000 Wednesday.   (AP Photo/Richard Drew)
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(Newser) – The Dow hit 10,000 today, but most analysts aren't exactly falling off their chairs in excitement:

  • Mark Hulbert, MarketWatch: "It would be entirely in investors' rights to feel pretty good about it. But they're not, on the whole. That's surprising, and suggests to contrarian analysts" that a "strong wall of worry" still exists.
  • Brett Arends, Wall Street Journal: "Hold the cheering. The rally in US share prices only looks impressive if you ignore what's happening overseas." Our surge pales in camparison, and "investors should be more cautious now than they were a few months ago."

  • Robert Holmes, the Street: "In viewing Dow 10,000 as an equilibrium point, it's hard to get excited about today's news." It just "doesn't matter to professional money managers still on the sidelines."
  • Jeff Cox, CNBC: "If anything, most pros are reluctant to give Dow 10,000 much significance. There's even concern that average investors will make too much of the benchmark."