By FITSNews || After plummeting to frightening lows a year ago (anybody remember 6469.95?), the Dow Jones Industrial average seemed to have righted itself heading into 2010.
Trillions of dollars worth of government intervention – including hundreds of billions of dollars pumped directly into the some of Wall Street’s heaviest hitters – has a way of righting the ship, doesn’t it? All that “quantitative easing” probably didn’t hurt, either.
Anyway, as all that debt piles up and the nation’s economy recovery remains elusive (despite the irrational exuberance of certain D.C. policymakers) – the Dow Jones has begun to come back to earth.
After reaching as high as 10,725 in late January, the Dow is now flirting with a key psychological barrier.
Last Thursday, the Dow closed at 10,002.18 – and for the first time since November 2009 it actually dropped below 10,000 during trading.
Where is it currently?
As of 2:40 p.m., it’s a 9,970.37.
Obviously, we’ll keep an eye on it this week to see whether it dips under or stays over the 10,000 mark.
UPDATE: The Dow Jones closed today at 9,908.39 – its lowest mark in three months.
By Liberty For Me February 8, 2010 at 2:43 pm
Anybody stupid enough to bet on this looser deserves what they get…If you were lucky enough to ride it this far you better jump ship now.
I think I could make my stock go up if you gave me a few billion.
By Ynotfirst February 8, 2010 at 4:45 pm
two words: precious metals.
By madcock February 8, 2010 at 10:20 pm
Democrats in the White House are always nightmare for the market.
The Dow was booming at what, 5000, when Clinton took office. It only got up to 13,000 in his eight years.
Luckily Dubya came in and brought it back to 6900 when his eight years were up.
And that clown Obama’s policies can’t even keep it above 10,000 after twelve full months in office.
Luckily smart Republicans are listening to Glenn Beck and Rush and investing in precious metals.
Gold only dropped 20% last week.