The Dow closed above 14,000 for the 1st time today – at 14,000.41.
It’s taken less than three months, only 12 weeks and a day, for the Dow to make the 7.7% climb from 13,000 (which it first closed above on Wed 4/25) to 14,000.
That’s the second shortest period it’s taken the Dow to reach another millenial – to the 23 session run from 10,000 to 11,000 in the Spring of 1999 (subscription required). Talk about a “melt up”!
But will it hold?
Last quarter, a strong report by Google on Thursday 4/19 after the close powered the Dow to the verge of 13,000 the following day.
This time around, Google’s 2nd quarter earnings report, released after the close today, has been received negatively – down 7% in the after hours.
That could be a real negative for the market tomorrow.
I wonder if this will prove to be a top.