Dow 10,000

By United Press International   |   Oct. 15, 2009 at 8:50 AM   |   Comments

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NEW YORK, Oct. 15 (UPI) -- The Dow Jones industrial average opens Thursday at more than 10,000 for the first time in more than a year.

The DJIA has been in a steady run up since sinking to 6,594.44 on March 5. The closing figure Wednesday was 10,015.86, increase of about 50 percent over seven months.

There are questions as to what the stock-price increase means. Analysts say the U.S. economy is improving but warn it's going to be a long recovery -- with unemployment nearing 10 percent and unlikely to drop much soon and foreclosures up 5 percent in recent months. That would suggest an "exuberance" among traders the overall picture doesn't support.

But the stock market follows its own logic and traders, fearful of being left behind, may be feeding the frenzy in more of a mob mentality than in-depth pricing study.

Joe Clark, managing partner of Financial Enhancement Group, told AOL's Daily Finance: "Just hope that it holds. I don't buy that the economics match the market results ..."

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