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Dow 10k Party Will Have To Wait

March 18, 1999

NEW YORK (AP) _ The party hats will have to wait for another day.

A gleeful celebration was cut short at the New York Stock Exchange Thursday as the Dow Jones industrial average edged past the 10,000-point mark _ again _ just as the closing bell was rung, then dipped below as late trades were settled.

Senior exchange officials cheered from an observation platform above the trading floor as a retiring member of the exchange, William Schnurr, slammed the final gavel together with Peter Kann, chairman and chief executive officer of Dow Jones & Co.

Kann and NYSE Chairman Richard A. Grasso began flinging out blue baseball caps emblazoned with the words ``Dow 10,000″ as it appeared that the market’s best-known indicator would close above the historic benchmark just two days after piercing it for the first time.

But they stopped just seconds later as the ticker board indicated that the average was falling below the magic number, ending at 9,997.62, up 118.21 points on the day.

The exchange had prepared thousands of the hats to give away on the day that the average closed above 10,000, and several officials were standing at the ready Thursday with bags of the hats on the trading floor just in case.

Like Grasso and Kann on the platform above, the officials began handing out the hats as the closing bell was rung, but then stopped again just a minute later as the indicator dipped back below 10,000.

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