Dow closes above 10,000 for 1st time in a year
By SARA LEPRO and TIM PARADIS, AP Business Writers

NEW YORK – When the Dow Jones industrial average first passed 10,000,
traders tossed commemorative caps and uncorked champagne. This time
around, the feeling was more like relief.

The best-known barometer of the stock market entered five-figure
territory again Wednesday, the most visible sign yet that investors
believe the economy is clawing its way back from the worst downturn
since the Depression.

The milestone caps a stunning 53 percent comeback for the Dow since
early March, when stocks were at their lowest levels in more than a decade.

"It's almost like an announcement that the bear market is over," said
Arthur Hogan, chief market analyst at Jefferies & Co. in Boston. "That
is an eye-opener — 'Hey, you know what, things must be getting better
because the Dow is over 10,000.'"

Cheers went up briefly when the Dow eclipsed the milestone in the early
afternoon, during a daylong rally driven by encouraging earnings reports
from Intel Corp. and JPMorgan Chase & Co. The average closed at
10,015.86, up 144.80 points.

It was the first time the Dow had touched 10,000 since October 2008,
that time on the way down.


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