Dow Industrials Top 10,000
NEW YORK (AP) _ The Dow Jones industrial average broke through 10,000 today, a feat made possible by nearly a decade of steady economic expansion and an ever-growing enthusiasm for technology, especially the Internet.
The Dow Jones industrial average cleared the milestone at about 9:51 a.m. EST, then gave a little ground. It was up 13.88 at 9,972.65 a few minutes after breaking 10,000.
The average of 30 blue-chip stocks took almost a year to gain the final 1,000 points in its charge, after passing 9,000 on April 6, 1998. The 1990s bull market was all but written off last summer and early autumn as it plummeted after Russia’s economic crisis, only to rebound on a series of three interest rate cuts by the Federal Reserve.
The Dow got a lift today from an upbeat earnings forecast from Union Carbide, one of the Dow’s components. Wall Street’s best-known indicator also has been pumped up by its own momentum, including a spurt of more than 700 points in the past two weeks. By reaching five digits, the Dow is now up nearly 9 percent this year on top of an unprecedented four straight years of double-digit growth.