Oct. 15--The Dow Jones industrial average is again a five-figure number -- at least for this morning.

The closely watched index Wednesday climbed tentatively above 10,000 for the first time in a year and ended the day there, a milestone analysts described as more significant for our collective psychology than for the economy.

It's a feel-good story in a nation that seems to need one.

"It's important in the sense that there are still millions of people who need to be convinced that the economy is improving," said Bruce McCain, chief investment strategist for KeyBank. "It provides reassurance."

McCain and other observers said that other economic numbers -- particularly employment statistics and real estate values -- will do more to convince Americans of an improving economy than the DJIA, which is an average of 30 large-company stocks.

But they also said the rally could lead more casual investors to re-enter the market -- and that could lead to an even higher Dow.

"It's the sequential piling-on effect that drives rallies," said McCain, who was in Albany on Wednesday in preparation for a economic talk this morning at Wolferts Roost Country Club.

The Dow ended the day Wednesday at 10,015.86 -- rising 144.80 points, or 1.5 percent.

Seven months ago, the index hit a 12-year low, sinking to 6,547.05. The comeback by the world's best-known stock measurement is evidence investors, at least, believe the economy is on the upswing.

The index first finished above 10,000 in 1999. It fell below that mark last October as panicked investors sold stocks after the Lehman Brothers downfall.

Wednesday's rise was fueled in part by strong third-quarter earnings reports from some technology firms. Those reports, along with other indicators, are apparently encouraging reticent investors.

"These people sitting on the sidelines are finally pulling the trigger," Peter Schwartz, principal at Gregory J. Schwartz & Co., told The Associated Press.

Traders on the floor of the New York Stock Exchange erupted in cheers as the market moved above 10,000. Still, the Dow is a long way from its high point: It peaked above 14,000 in 2007.

"Call me back when it passes 13,000 and I might be excited," said a skeptical Paul Calhoun, business professor at Skidmore College in Saratoga Springs.

Calhoun said the rise above 10,000 is important only "in the short-term view, because it will get the attention of people who aren't (investment) professionals or who aren't in the market all the time."

But long-term, he said, it's not particularly significant. He believes we're in for a slow climb to full recovery.

Many Capital Region companies, though not included in the Dow, saw their stock prices rise Wednesday.

Arrow Financial Corp. in Glens Falls, for example, saw its stock price rise 1.85 percent to $27. Mechanical Technology Inc. in Colonie had a 5.2 percent rise to $1.21.

McCain, from KeyCorp, said gains like those are gradually improving investment portfolios. He even mentioned receiving a call Wednesday from a client whose portfolio had returned to its pre-recession high-water mark.

But, he added, "a lot of clients aren't there yet."

The Standard & Poor's 500 index on Wednesday rose 18.83, or 1.8 percent, to 1,092.02, and the Nasdaq composite index rose 32.34, or 1.5 percent, to 2,172.23.

Bond prices fell as stocks soared. The yield on the 10-year Treasury note rose to 3.43 percent from 3.35 percent late Tuesday.

The Russell 2000 index of smaller companies rose 12.24, or 2 percent, to 623.94.

The Associated Press contributed to this story.

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