Roar Greets Dow, Then Work
Mar. 16, 1999
NEW YORK (AP) _ A roar exploded through the floor of the New York Stock Exchange after the Dow industrials crossed 10,000 today for the first time. But less than a minute later, it was back to work.
Traders gathered around displays on the NYSE floor and a kazoo player among them trumpeted a cavalry charge as the Dow moved toward 10,000. When the milestone was passed at 9:50.50 a.m., cheers erupted, papers fluttered through the air and traders threw their arms up _ with some holding all 10 fingers aloft to signify the record.
``It's kind of astonishing. That's the mood of a lot of people who have been in the market for a long time. It's beyond everyone's wildest expectations,'' said Robert Seijas, a stock specialist at the NYSE.
The euphoria subsided quickly, however, and the crowds soon dissipated. Within about 30 seconds, the hordes of traders in multicolored jackets went back to their usual business of scribbling notes on pads like frantic waiters.
Onlookers packed the visitors gallery, hoping to catch a glimpse of the record, while dozens of television news cameras and photographers overlooked the NYSE floor.
Dave Colquhoun, an economics teacher at Woodmere Academy on New York's Long Island, brought a group of 10 students to the exchange as part of their lesson on stock markets. Colquhoun didn't make it inside in time for the 10,000 crossing, but he was excited that his students were able to be at the scene nonetheless.
``It's a day in history. For them to see this is an amazing feat,'' Colquhoun said. ``Where else in the world would you see this kind of activity and this much money changing hands?''