NEW YORK (CBSMiami/CBS News) – It’s been nearly six years since the Dow Jones Industrial Average closed above 14,000 points in July 2007. As the Grateful Dead sang, “what a long strange trip it’s been.”
The Dow crashed from 14,000 down to 6,547 in March 2009, but then Friday breached the 14,000 level, before pulling back. If the index closes above 14,000 Friday, or in the next couple of days, the next milestone will be to take out the previous all-time nominal high close of 14,164, reached Oct. 9, 2007.
You can excuse investors for not celebrating these levels with the same amount of zeal as the first time around. Let’s face it: A bruising bear market lingers in everyone’s memory, which may be a good thing.
In fact, the most worrisome aspect to the recent rally is the advent of headlines like “As Worries Ebb, Small Investors Propel Markets.” Analysts warn that market tops often occur soon after retail investors buy back into the market.
CBS Corporation (CBS) closed at 41.42.