There and back again: Dow 9000

Where did those eleven years go? For President Obama, investors are partying like it's July 1998

Published July 23, 2009 3:45PM (EDT)

As of about 11:45 Eastern, the Dow Jones Industrial Average was sitting at 9061, having broken through the 9000 barrier for the first time in Barack Obama's presidency.

Which puts the Dow about where it was in July 1998, a full eleven years ago.

Why are investors so exuberant? Corporate earnings are coming in better than expected and existing home sales were up for the third month in a row (and more importantly, are basically flat compared to last year.) Or maybe the bottom line is that there is nowhere else but up to go from here.

By Andrew Leonard

Andrew Leonard is a staff writer at Salon. On Twitter, @koxinga21.

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