Dow record doesn't impress Wall Street workers - WFLA News Channel 8

Dow record doesn't impress Wall Street workers

Posted: Updated:
NEW YORK, NY (WFLA) -

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. Like on any other day, traders rushed out the doors of the New York Stock Exchange after the closing bell and down the stairs of subway stations. Nearby office workers did the same.

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. He said he didn't have time to give his name because he was rushing to get home.

The Dow rose 125.95 points Tuesday and closed at 14,253.77, topping the previous record set on Oct. 9, 2007 by almost 90 points. The blue-chip index has more than doubled since falling to a low of 6,547 in March 2009 during the financial crisis. It's another sign that the country is slowly healing after the worst recession since the 1930s.

Stocks have been rising thanks to stimulus from the Federal Reserve and record corporate profits. But the economic recovery has been slow and unemployment has remained high. And there's no telling where the stock market will go next.

It's no wonder that the reaction on Wall Street has been less than enthusiastic.

"It was relatively subdued," said Ted Weisberg, a trader who was on the stock exchange floor when the final bell rang Tuesday.

"When you experience a meltdown like we did, it leaves deep financial scars," said Weisberg, who has worked at the New York Stock Exchange for 44 years. "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.

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.

Popular after-work hangouts were half empty Tuesday night. Stone Street, a cobble stone road that's a five minute walk from Wall Street and home to several bars and restaurants, was quiet.

"It's a little busy, but mostly the same as usual," said Gina Parascandola, an event planner at Ulysses Folk House, a Stone Street pub where workers come in to grab a drink and a bite to eat.

Weisberg had no plans to celebrate the Dow's record either.

"I'm doing what I always do; go back to work," Weisberg said outside the stock exchange after the market closed. "It's just another day."

  • 8 On Your SideMore>>

  • FDLE opens investigation into Spring Hill sinkhole home

    FDLE opens investigation into Spring Hill sinkhole home

    Tuesday, September 16 2014 4:52 PM EDT2014-09-16 20:52:00 GMT
    The Florida Department of Law Enforcement has opened an investigation into whether a Spring Hill home seller committed fraud by lying about a sinkhole under the home. This follows an 8 On Your Side investigation that showed that Glenn Jasen, the former homeowner, cashed a check from Citizens Property Insurance for $153,745 in January 2009. But he didn't use the money to fix the sinkhole. Instead, Jasen sold the home to Kelly Magbee's family in March. The Magbees moved in with their five ch...
    The Florida Department of Law Enforcement has opened an investigation into whether a Spring Hill home seller committed fraud by lying about a sinkhole under the home. This follows an 8 On Your Side investigation that showed that Glenn Jasen, the former homeowner, cashed a check from Citizens Property Insurance for $153,745 in January 2009. But he didn't use the money to fix the sinkhole. Instead, Jasen sold the home to Kelly Magbee's family in March. The Magbees moved in with their five ch...
  • UPS won't pay for Tampa veteran's damaged computer

    UPS won't pay for Tampa veteran's damaged computer

    Tuesday, September 16 2014 10:31 AM EDT2014-09-16 14:31:49 GMT
    The damaged computerThe damaged computer
    Vincent Farina had a plan when he left the Marines to pursue his degree in game design.
    Vincent Farina had a plan when he left the Marines to pursue his degree in game design.
  • Sales Tax Holiday for appliances this weekend

    Sales Tax Holiday for appliances this weekend

    Tuesday, September 16 2014 8:49 AM EDT2014-09-16 12:49:17 GMT
    You can buy appliances tax free this weekend Sept. 19-21 but they have to be energy and water efficient, Florida Department of Revenue announced this week.
    You can buy appliances tax free this weekend Sept. 19-21 but they have to be energy and water efficient, Florida Department of Revenue announced this week.
  • NewsMore>>

  • Crash closes NB I-75 in Hillsborough

    Crash closes NB I-75 in Hillsborough

    Wednesday, September 17 2014 5:28 AM EDT2014-09-17 09:28:22 GMT
    All northbound lanes are blocked on Interstate 75 at Gibsonton Drive after a crash early Wednesday morning, according to the Florida Highway Patrol website.
    All northbound lanes are blocked on Interstate 75 at Gibsonton Drive after a crash early Wednesday morning, according to the Florida Highway Patrol website.
  • Obama to speak on ISIS at MacDill

    Obama to speak on ISIS at MacDill

    Wednesday, September 17 2014 4:52 AM EDT2014-09-17 08:52:25 GMT
    President Obama is set to meet with US Central Command at MacDill Airforce Base just after 9:30 Wednesday morning. 
    President Obama is set to meet with US Central Command at MacDill Airforce Base just after 9:30 Wednesday morning. 
  • President visits MacDill Air Force Base in Tampa

    President visits MacDill Air Force Base in Tampa

    Wednesday, September 17 2014 3:45 AM EDT2014-09-17 07:45:30 GMT
    President Barack Obama is scheduled to arrive at MacDill Air Force Base Tuesday.
    President Barack Obama is scheduled to arrive at MacDill Air Force Base Tuesday.
Powered by WorldNow

200 South Parker Street, Tampa, FL 33606

Telephone: 813.228.8888
Fax: 813.225.2770
Email: news@wfla.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.