Oct. 15--The Dow Jones Industrial Average made a triple-digit gain Wednesday to reach 10,000 for the first time in more than a year.

Trading closed Wednesday at 10,015 after a 144-point gain. It had been a year and a week since it last topped 10,000 and more than 10 years since it first reached it.

Local financial planners and analysts see the 10,000-point plateau as reason for investors to feel some relief and a sign of economic growth after the recession cost many a chunk from their portfolios.

"There is a psychological aspect about 10,000 that makes the consumer feel better," said Mike Leopold, senior vice president at Huntleigh Securities Corp. in Fairview Heights. "I think it makes those people feel better."

Larry Lexow, president of Lexow Financial Group in Edwardsville, said investors are seeing positive numbers on their statements, which they have not seen for a while.

"They feel things are turning around," Lexow said. "Regardless what they are hearing, I'm getting much more positive responses from clients. The people I talk to feel that we're coming out of the recession."

Shiloh-based Edward Jones financial adviser Joe Delsignore agrees that the stock market's recent gains have given consumers hope of recovery. He believes that the recession has ended and the federal stimulus package has taken effect.

"The market is showing more competence and more strength," Delsignore said. "We're seeing more companies report very good earnings and some, in fact, are reporting above expectations."

The recent recession was spurred by bad mortgages from the nation's housing crisis and sent the market to its lowest point, 6,547 points, on March 9 of this year after beginning the new year at more than 9,000. Leopold said the market has grown by 53 percent since the low point, but he thinks future growth will be slower.

"Economists agree that the worst is behind us, and I think we all agree that we're not going to keep going up by 53 percent in a seven-month period," he said. "We're not keeping that up. It would be nice, but we won't keep that up."

Many are afraid that if they money into the market, it will disappear because stocks will plunge again. It's happened in 1975, when stocks rose 53 percent in less than four months after a recession and then lost 11 percent before climbing again early the following year.

The Dow Jones last saw 10,000 on Oct. 7, 2008. It October 2007 when it reached its all-time high of 14,164.

Historically, October has been a bad month for the stock market and stands out because most companies begin the fourth quarter on the first of that month. On Oct. 19, 1987, stock markets around the world plunged, and the Dow Jones lost 508 points on a day that would be remembered as "Black Monday." The "Crash of 1929" that ushered in the Great Depression occurred during the last week of October. The market did not return to pre-1929 levels until 25 years later.

Contact reporter Will Buss at wbuss@bnd.com or 239-2526.

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