Market Watch 10/14/2009

Today is Wednesday.

 

The Dow passed 10,000 for first time in a year.

 

The analysis said that it’s almost like an announcement that the bear market is over.

You know what, things must be getting better because the Dow is over 10,000.

On Wednesday, the Dow rose 144.80, or 1.5 percent, to 10,015.86.

Broader indexes also climbed to 2009 highs. The Standard & Poor's 500 index rose 18.83, or 1.8 percent, to 1,092.02.

The Nasdaq composite index rose 32.34, or 1.5 percent, to 2,172.23. It's up 71.2 percent since March.

Earnings reports from chip maker Intel Corp. and banker JPMorgan Chase & Co. gave the Dow its final push past 10,000.

So where does the market go from here?

Some market watchers see 10,000 as an illusion because there are still lingering threats to an economic recovery -- rising unemployment, weak consumer spending and a battered housing market.

On the other hand, Wall Street analysts say 10,000 is more than just a number -- it can have legitimate psychological implications.

"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," said Analysis.

Bond prices fell as stocks soared. The yield on the 10-year Treasury note rose to 3.42 percent from 3.35 percent late Tuesday.

Oil jumped $1.03 to settle at $75.18 a barrel on the New York Mercantile Exchange.