The Dow Jones Industrial Average closed above the magical 10,000 mark Wednesday for the first time since the financial industry caused the U.S. to slip into recession.
The Dow closed at 10,015.86, up 144.80, or 1.5 percent, after strong earnings reports from Intel Corp. and JP Morgan Chase.
The Dow's climb back into triple digits is a huge milestone considering it was at a 12-year low of 6,547 back on March 9.
Reaching 10,000 breaks a barrier that is more psychological than practical.
“The last time we saw 10,000 we were going the wrong way,” Doreen Mogavero, president of the brokerage Mogavero, Lee & Company, told the New York Times. “This is a little bit nicer feeling.”
The Dow last traded at that level on Oct. 7, 2008 and hasn't closed above the 10,000 mark since Oct. 3, 2008.
