Wednesday, April 25, 2007

Dow 13000

How many front page stories to appear on this meaningless news, for this flawed index?'s lead story is about its own index.

Later update: Yep, they just can't help it ... From the, top page:

THE DOW INDUSTRIALS CLOSED ABOVE 13000 for the first time, posting a triple-digit gain after better-than-expected durable-goods data, strong profits and talk of Alcoa shedding businesses. 5:42 p.m.
• Data: Markets Overview | Gainers | After Hours

• Vote: What's Next for Dow: 14000…Or 12000?

• MarketBeat: Lucky Thirteen

Update No. 2: OK, did their duty and reported the 13K mark, but downplayed the significance. Give 'em credit.

JOANNA OSSINGER, "Dow 13000 is, of course, just a round number -- there isn't much special about it beyond that, even on a technical level." See story

David Gaffen, "More impressive is this: the Dow industrials have now gained ground in 18 of the past 20 trading days. Momentum, and momentum trading, is indeed alive." See story

What will WSJ print tomorrow?

NPR had a piece, mentioned the irrelavance of the number. S&P strategist Sam Stovall noted that news of a market milestone piques interest from the public. Question: Is that the real danger in reporting that a bull market is roaring?