It’s Okay to Be Happy About the Dow Hitting 10,000


Some people would have you think that the Dow hitting 10,000 for the first time since October 7, 2008 on the strength of results from financial companies doesn't really mean we're in for a recovery, that it's just a number, purely symbolic, or worse, a false sign of hope, like a dehydrated person's hallucination of an oasis in the desert. But just because it only went to 10,001.58 for approximately 30 seconds, then scuttered back down to nine-something like a groundhog in February, doesn't mean you can't celebrate, a professional armchair psychologist with no stake in the matter tells Bloomberg:

“A lot of people make fun of these milestones, but I think that it has an effect on psychology,” said David Darst, the New-York based chief investment strategist at Morgan Stanley Smith Barney, which has $1.4 trillion in client assets. “That can have an effect on tipping people over to being more worried about being out of the market.”

So go ahead. Think positive, public. There are bonuses riding on it.

Dow Exceeds 10,000, Led by Financials, on Recovery From Lehman [Bloomberg]