Dow Closes Above 14,000

By: Associated Press Email
By: Associated Press Email

The stock market's strong performance in January is continuing into February.

Today's gains have brought the Dow Jones industrial average above 14,000 for the first time in more than five years.

Market watchers are divided over what today's stock market milestone means.

Peter Cardillo, chief market economist at Rockwell Global Capital, says the 14,000 mark will have a psychological impact, and will attract smaller investors.

Until the past few weeks, those investors had been shying away from stocks. But now, billions of dollars have been flowing into mutual funds targeting U.S. stocks.

But Joe Gordon, an asset manager in North Carolina, isn't celebrating. He thinks the gains won't last. Gordon says the fact that small investors are finally piling back in the stock market is a sign that it's getting overhyped and ready to fall.

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