New York:
The Dow Jones industrial average has reclaimed 10,000 for the first time in a year. The Dow crossed five figures in afternoon trading on Wednesday, seven months after it hit a 12-year low of 6,547.05 on March 9.
The comeback by the stock market's best-known indicator is the most visible sign yet that investors believe the economy is indeed recovering from the financial crisis and recession. Cheering erupted from traders on the floor of the New York Stock Exchange as stocks briefly moved above the psychological barrier.
Upbeat earnings reports from chip maker Intel Corp. and banker J P Morgan Chase & Co. today gave the Dow its final push past 10,000. The average has slipped back several points since crossing the milestone, but that's part of the normal ebb and flow of trading.
The Dow rose 117.07, or 1.2 per cent, to 9,988.13 after trading as high as 10,001.58. The Standard & Poor's 500 index rose 14.07, or 1.3 per cent, to 1,087.26, and the Nasdaq composite index rose 25.12, or 1.2 per cent, to 2,165.01.
Investors are increasingly shaking off lingering doubts about the economy. However, analysts still warn that problems like rising unemployment and a weak housing market pose a threat to a solid recovery. The Dow is now up 53 per cent from its March low.