Dow Jones over 10k today?

[mikejet]

Looks like the Dow will finally be back above 10k today! What a rough time....

[DetroitSportsFan]

[mikejet]

15 more points....!!!!

[fatediesel]

Hopefully it stays this way and isn't a temporary comeback, which is what a lot of experts believe.

[mikejet]

Originally Posted by fatediesel

Hopefully it stays this way and isn't a temporary comeback, which is what a lot of experts believe.

A lot of strong earnings reports are helping. Especially from the survivors in the financial sector.

[Lord_Stewie]

Its like watching the Superbowl. Except no beer and its Wall Street.

I have been tracking this for a while now.

[mikejet]

Originally Posted by shadblz

Its like watching the Superbowl. Except no beer and its Wall Street.

I have been tracking this for a while now.

People around work are all checking it every once in a while. hehe

[Lord_Stewie]

Originally Posted by mikejet

People around work are all checking it every once in a while. hehe

Its hovering right around there. And like fated said hopefully this time the experts are wrong about this.

I think its about time that confidence in the economy begins. However, fear of the unknown is still lurking around.

Anyways here is an article about this:

Dow hits 9,991 ...
Blue-chip average comes within spitting distance of a key milestone following better-than-expected results from JPMorgan and Intel.

NEW YORK (CNNMoney.com) -- Stocks rallied Wednesday morning, with the Dow industrials nearly hitting the 10,000 level for the first time in a year, following better-than-expected quarterly profit reports from Intel and JPMorgan Chase.

The Dow Jones industrial average (INDU) gained 116 points, or 1.2%, to 9987, almost 2 hours into the session. The blue-chip average had risen as high as 9991.68 before stepping back slightly.

The last time the Dow crossed 10,000 during a trading session was Oct. 7, 2008, when it briefly touched 10,124.03

The S&P 500 (SPX) index rose 13 points or 1.2% and the Nasdaq composite (COMP) added 23 points or 1.1%.

The advance was broad based, with 24 of 30 Dow stocks rising.

"Today's market action is all about Intel and JPMorgan and just earnings in general," said Tom Schrader, managing director at Stifel Nicolaus.

He said that the weak retail sales report, also released Wednesday morning, indicates that the economic recovery is not going to be smooth-sailing. But regardless, "people are looking forward."

Stocks struggled Tuesday as a weak financial sector and disappointment about Johnson & Johnson (JNJ, Fortune 500)'s results kept the Dow away from 10,000.

While 10,000 is not a significant milestone on a technical basis, it's meaningful on a psychological level, analysts say. Reaching it could usher in more buyers or give investors who think the rally has been too much, too soon, a reason to retreat.

Since bottoming at 12-year lows in March of this year, the S&P 500 has surged just short of 59%, as of Tuesday's close.

Other than a few modest pullbacks, stocks have mostly managed to keep moving higher, with investors jumping in to buy the dips on worries that they are missing the boat. Repeated calls for a correction of 10% to 15% have gone unmet and are likely to continue going unmet for the short term, Schrader said.

"The problem is that it is consensus that we need a selloff and consensus is rarely right," he said.

Earnings: Two Dow issues reported better-than-expected third-quarter results, following component Alcoa (AA, Fortune 500)'s better-than-expected profit report last week. The results have fueled hopes that the third quarter could mark a turning point for corporate profits in the same way it seems to have marked a turning point for the economy.

JPMorgan Chase (JPM, Fortune 500) said it earned $3.6 billion in the quarter, as strength in its investment banking business tempered rising loan losses. The company said that consumer loan delinquencies are showing signs of stabilization, but that the trend may not continue.

JP Morgan reported higher quarterly sales and earnings that topped analysts' estimates, according to tracker Thomson Financial. Shares gained 3.4% Wednesday.

Late Tuesday, chipmaker Intel (INTC, Fortune 500) said quarterly sales and earnings fell from a year ago, but topped estimates.

Intel also issued a bullish forecast, saying that it expects fourth-quarter revenue of between $9.7 billion and $10.5 billion versus the $9.51 billion consensus. Intel also said it expects gross margins, a key measure of profitability, in the 59% to 65% range versus the 56.7% consensus. Shares gained 2.8% Wednesday.

[bandit29]

Meh its just numbers..9pts away

The guys on wallstreet speculate on business reports from last month. Last month for me and other people I know.. it was good...but this month so far just enough to get by...again.

[SDon1969]

I haven't checked my 401k in about a year. Too despressing...

Man I hope this isn't just a temporary comeback...

[Uniquely]

It's an important psychological barrier, and once it's surpassed we should see more improvement. This is a good thing because employment always lags a few months behind the market. When the market crashes.... it's a few months before unemployment starts to rise. When the market rebounds.... it's a few months before employment starts to rebound.

[mikejet]

I cant believe it's been over a year already. This would be a great lead into the final quarter and gear up spending into the holiday season.

[mikejet]

4 more points!!!!

I just hope it closes above 10k it will pass it in the next few minutes!

[mikejet]

Damn you investors stop selling for profits and let it climb!

[Lord_Stewie]

Originally Posted by mikejet

4 more points!!!!

I just hope it closes above 10k it will pass it in the next few minutes!

It may close by 10k. Tomorrow is the biggest question in my mind.

[mikejet]

LOL got as close as 9999.61....

[MaCruz]

Originally Posted by SDon1969

I haven't checked my 401k in about a year. Too despressing...

Man I hope this isn't just a temporary comeback...

I have not checked mine for about a month or so.. LOL!

[Lord_Stewie]

Give me 4 more points.

its almost there. Champagne is standing by.

[mikejet]

9999.76!!

[mikejet]

9,873.48 - 10,000.22
it hit it briefly and backed off