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Article: The Dow Climbs Past 4000; Stock Market Breaches a Barrier as Interest Rate Fears Ease
- Article from:
- The Washington Post
- Article date:
- February 24, 1995
- Author:
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The Dow Jones industrial average closed above 4000 today for the
first time in its 101-year history on a tide of hopeful speculation
about strong corporate earnings and an end to Federal Reserve
interest rate increases.
Many analysts debunked the mystical aura that some attach to
breaking multi-zeroed barriers in the Dow. "Round numbers are just
round numbers," said John Ryding, senior economist at Bear, Stearns &
Co.
But some investors said they were pleased all the same with the
Dow's 30.28-point jump to a closing level of 4003.33, a sign of a
stronger stock market than many had predicted for the first half of
1995.
Federal Reserve Chairman Alan Greenspan's hint Tuesday that the
economy ...