Wall Street unfazed by Dow record

Advertisement

NEW YORK (AP) — What record?

There were no signs of a celebration on Wall Street after the Dow Jones industrial average closed at an all-time high Tuesday.

Maybe the memories of the financial meltdown are too fresh, or outlook for the economy is too uncertain. But the only indication that something historic had transpired was the six television news cameras that faced the stock exchange. Even that perplexed some Wall Street denizens.

“Is that what this is about?” said one trader, referring to the cameras and reporters as he darted across Wall Street.

Markets in Asia did celebrate on Wall Street’s coattails Wednesday, led by a jump in Japan’s Nikkei 225 index of over 1 percent.

But reaction on Wall Street has been less than enthusiastic.

“It was relatively subdued,” said trader Ted Weisberg. “When you experience a meltdown like we did, it leaves deep financial scars,” he said. “If you’ve been burned, you’re not going to embrace the enthusiasm.”

“There’s also less people to get excited,” he added. The rise of electronic trading means that fewer people are needed on the trading floor.

Advertisement

Log in to comment