Editor's Note: Jon D. Markman writes a weekly column for CNBC on MSN Money that is republished here on TheStreet.com.
Not too long from now, with any luck, the most well-known measure of the U.S. stock market -- the Dow Jones Industrial Average -- is going to make an all-time high. It's only about 80 points away from that level now, a less than 1% move, and could get there with a lot more ease than bears and skeptics believe possible.
The event will be much celebrated, to be sure. But does a new high mean anything -- or is it just a number?
The answer may surprise you. The short response is that, yes, a new high is very significant and a huge positive. The long answer is that it's important for reasons that are a little bit fuzzy and strange, and it helps explain a lot about the behavior of the stock market in general.
Allure of a New High
...Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,464.40 | 1,110.63 | 2,176.05 | 32.79 |
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