We hit it!
Bulls can claim a triumph: the stock market kept pushing higher despite months of warnings that stocks have become expensive. Since the lows in March, the Dow is up about 50%.
Bears will note that we’ve been here a few times before: The first time the Dow Jones industrial average traded above 10,000 was Mar. 12, 1999. Since then it has passed 10,000 at least 20 times and always fallen back.
The Dow has actually underperformed other averages. The small-cap Russell 2000 index is up an eye-popping 75% since March. S&P 500 has climbed 58%. The tech-heavy Nasdaq composite index has advanced 66%.
Even at 10,000, the Dow is still around 40% off its all time closing high of 14,164.53.