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American Morning
Minding Your Business: Dow 10,000 -- Finally
Aired December 12, 2003 - 07:10 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
SOLEDAD O'BRIEN, CNN ANCHOR: Business news now. Today, for the first time in 18 months, the Dow Jones Industrial Average will open trading above the 10,000 point mark. It shows that investigate -- investors, rather, are become increasingly confident that the economy is getting back on its feet.
With us this morning to talk a little bit more about the market crossing this key psychological barrier, Andy Serwer is "Minding Your Business" this morning.
Good morning. You predicted it was going to happen.
ANDY SERWER, "FORTUNE" MAGAZINE: Yes, well, I mean, it wasn't too hard, because we're getting close and things are improving a little bit. So, I'm not going to take any credit for it. But thank you. And it does put me in a good mood this morning.
The Dow up 86 points yesterday, Soledad, to close at 10,008. There we have it, the first time since May 24, 2002. And right after that May 24 of last year, the market plummeted all the way down to 7,286. You may remember the high was 11,722 back in January of 2000.
So, as you're suggesting, it is good news.
O'BRIEN: And it's all about consumer confidence?
SERWER: I think it is. I mean, what it says is that Americans have more money in their pockets. You're seeing those 401(k) statements coming in, and it's a very nice feeling seeing them rise month after month, after seeing them decline so precipitously. It doesn't mean we're going to go straight up from here. It doesn't mean the market can't go back down. But I think the key is confidence, as you suggested, and that is very, very important for the economic recovery.
O'BRIEN: Big percentage increases for the Dow, for the Nasdaq...
SERWER: Yes.
O'BRIEN: ... for the S&P?
SERWER: Yes, and that's actually a little bit scary. That could be the bad news here.
The Dow up 20 percent for the year, which is an extremely good run. The Nasdaq is the concern, up 45 percent year-to-date, and you've got to wonder if that's sustainable and you've got to wonder if we're going to see a dip next year.
O'BRIEN: I wonder if we're going to see a dip this morning as well.
SERWER: Yes.
O'BRIEN: I mean, it's only one day, right?
SERWER: Right.
O'BRIEN: It doesn't count as a trend. Andy Serwer, thanks.
SERWER: OK.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Aired December 12, 2003 - 07:10 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
SOLEDAD O'BRIEN, CNN ANCHOR: Business news now. Today, for the first time in 18 months, the Dow Jones Industrial Average will open trading above the 10,000 point mark. It shows that investigate -- investors, rather, are become increasingly confident that the economy is getting back on its feet.
With us this morning to talk a little bit more about the market crossing this key psychological barrier, Andy Serwer is "Minding Your Business" this morning.
Good morning. You predicted it was going to happen.
ANDY SERWER, "FORTUNE" MAGAZINE: Yes, well, I mean, it wasn't too hard, because we're getting close and things are improving a little bit. So, I'm not going to take any credit for it. But thank you. And it does put me in a good mood this morning.
The Dow up 86 points yesterday, Soledad, to close at 10,008. There we have it, the first time since May 24, 2002. And right after that May 24 of last year, the market plummeted all the way down to 7,286. You may remember the high was 11,722 back in January of 2000.
So, as you're suggesting, it is good news.
O'BRIEN: And it's all about consumer confidence?
SERWER: I think it is. I mean, what it says is that Americans have more money in their pockets. You're seeing those 401(k) statements coming in, and it's a very nice feeling seeing them rise month after month, after seeing them decline so precipitously. It doesn't mean we're going to go straight up from here. It doesn't mean the market can't go back down. But I think the key is confidence, as you suggested, and that is very, very important for the economic recovery.
O'BRIEN: Big percentage increases for the Dow, for the Nasdaq...
SERWER: Yes.
O'BRIEN: ... for the S&P?
SERWER: Yes, and that's actually a little bit scary. That could be the bad news here.
The Dow up 20 percent for the year, which is an extremely good run. The Nasdaq is the concern, up 45 percent year-to-date, and you've got to wonder if that's sustainable and you've got to wonder if we're going to see a dip next year.
O'BRIEN: I wonder if we're going to see a dip this morning as well.
SERWER: Yes.
O'BRIEN: I mean, it's only one day, right?
SERWER: Right.
O'BRIEN: It doesn't count as a trend. Andy Serwer, thanks.
SERWER: OK.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
