Thursday, Oct 15th, 2009
Congratulations investors. The Dow has hit 10,000 on October 14th, 2009. You now have made officially 0 percent return if you invested in this index when the Dow first hit this magical level in 1999.
Time to celebrate for sure!
To be fair, the current markets (and economy) have certainly shown signs of resilience which flies in the face of those who have consistently predicted doom and explosion even when evidence of a rebound became more clear. But does it matter really if the Dow is at 10,000?
Jim Rogers says the Dow [.DJIA 10015.86 --- UNCH (0) ] could go to 20,000 but it wouldn’t matter if the US dollar was worth far less. And if you think about recent trends in US dollar weakness and the growing chorus of echoes suggesting the dollar should be a secondary currency, it does make some sense that symbolic index numbers are a bit meaningless.
Full article here