Dow Breaks 8,400

Nice round numbers like 7,000 or 8,000 or 8,400 are mainly psychological benchmarks that are good for headline writers.

But whatever, stocks are up big again today, with the Dow up about 190, just edging past 8,400.

Not that there’s amazing news or anything. All the major banks are still undercapitalized, says the government, the car companies are crashing and Obama is set to talk about increasing taxes. That tells you something about the market sentiment right there. Even “socialist” Barack Obama can’t spook the market talking about taxes.

All the major indices are up around 2% or more.

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