The Dow Jones Industrial Average settled above 10,000 today. It is nice to see five digits on the big board again, but things may not be as rosy as they seem from the numbers.
"Here's an interesting chart that demonstrates just how closely the stock market tracks the U.S. dollar.
The red line represents the S&P 500. The blue line represents the inverse of the U.S. dollar versus a stable currency (in this case, the Canadian dollar*). In other words, when the dollar goes down, the blue line goes up. And vice versa."
Basically, the question becomes if the market going up or the dollar going down. Symbolism and emotion is a lot more important in the market the it should, so breaking this 'barrier' could have a nice effect.
"The Dow Jones industrial average has reclaimed 10,000 for the first time in a year.
The Dow crossed five figures in afternoon trading Wednesday, seven months after it hit a 12-year low of 6,547.05 on March 9."