Financial Crisis over? Dow Jones touches the 10000 mark

October 15th, 2009 - 12:32 am ICT by Aishwarya Bhatt  

Dow crosses 10k New York City, Oct 14 (THAINDIAN NEWS) Dow Jones Industrial Average hit 10,000 mark in a landmark achievement. This is the first time it has crossed the 10K mark since 03 October 2008. The Dow peaked at 10,001.58 points shortly after 1:20pm (EDT) before sliding back into 9990 - 10000 range.

Through the day, it has been flirting and teasing the 10K mark. But reaching the landmark figure of 10K is going to raise a lot of cheer and good spirit to the unemployed and the recession hit industries.

The NASDAQ has risen 1.12 percent, or 24 points, to 2,163. The S&P 500 also was gaining, up 1.21 percent, or 12.79 points in morning trading.

The push came in part from Intel Corp.’s (NasdaqGS: INTC) earnings report after the market closed Tuesday.

Steve Wenstrup, principal with Centerville-based Tillar-Wenstrup Advisors LLC, said Santa Clara, Calif.-based Intel’s strong earnings report is a factor in the gains, but news of retail sales being down slightly helped the markets. The drop in retail sales was expected, as a result of the slow down in automobile purchases after the Cash for Clunkers program ended.

As per the Wikipedia, “The Dow Jones Industrial Average also referred to as the Industrial Average, the Dow Jones, the Dow 30, or simply as the Dow; is one of several stock market indices, created by Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow. The average is named after Dow and one of his business associates, a statistician, Edward Jones. It is an index that shows how certain large, publicly-owned companies have traded during a standard trading session in the stock market.”

The Dow Jones Industrial Average closed at the record level of 14,164.53 on Oct 9th 2007. Two days later on October 11, the Dow would trade at its highest intra-day level ever, at the 14,198.10 mark.

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