The index rose to the 10,000 mark for the first time in months.
(WiredPRNews.com) – For the first time since October 2008, the Dow Jones industrial average closed at 10,000 on Wednesday. As reported by the Associated Press (AP), many view the increase as a sign that the economy is recovering from what is considered the worst financial meltdown since the Great Depression.
Bernie McSherry, with Cuttone & Co. is quoted by the AP as stating, “I think there were times when we were in the deep part of the trough there back in the springtime when it felt like we’d never get back to this level.”
As noted in the report, some market watchers are more skeptical and do not view the rise as part of an economic recovery because of continuing problems with unemployment, consumer spending, and the housing market. Wall Street analysts see it as a positive sign and say the rise can have psychological effects. Carl Beck, with Harris Financial Group, is quoted by the AP as stating, “Psychology plays a huge role in investing, so when you’re trying to overcome the huge levels of panic and fear that we’ve seen over the last year, psychology shouldn’t be discounted.”
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