Dow 10,000: Where's the Beef?

Updated with Dow's closing price.

NEW YORK (TheStreet) -- The Dow Jones Industrial Average stepped over the 10,000 mark Wednesday afternoon, prompting celebratory cheers on the floor of the New York Stock Exchange. Even the "Dow 10,000" hats, which first appeared when the Dow made its first trip above the 10,000 level on March 29, 1999, made a triumphant return.

Yes, 10 years ago we were at the same place we're at now. Mention that to buy-and-hold investors if you want to ruin their day. If you want to plunge the dagger deeper, remind them that just two weeks before Christmas in 2003, the Dow was in the same position fighting to 10,000 on the way up. (The Dow closed Wednesday at 10,015.86, up 144.80 points.)

The Dow's Long Climb Back

It may seem hard to find a story on the stock market that doesn't sound overly bullish. After all, Dow 10,000 represents a major psychological point for retail investors, good for a remarkable 53% gain from the multiyear low set on March 6. But quite simply put: We've been there, done that. Market analysts find it hard to hang a hat on Dow 10,000, much less put on a party hat.

"Look how long ago it was that we first crossed above 10,000. That's where we are 10 years later," said Paul Mendelsohn, chief investment strategist with Windham Financial. "It appears to be an equilibrium point for the market, if anything. We came down to it, we overshot it to the downside and now we've come back to it."

In viewing Dow 10,000 as an equilibrium point, it's hard to get excited about today's news. Topping this type of psychological level is another positive in the minds of some retail investors, as it proves to be an accomplishment of a short-term goal. The last time the Dow closed above 10,000 was Oct. 3, 2008, less than three weeks after the collapse of Lehman Brothers, when the economic crisis took hold.