The Dow Hits 9,000, But We've Been Here Before
CHARLIE ROSE: Tonight, the implications of the Dow Jones averaging going past 9,000.
JIM CRAMER: Charlie, auto sales are slowing, retail sales are slowing, job growth is slowing, the Fed will ease. Interest rates are going lower - that will propel the market even higher.
LIANE HANSEN, Host:
The Dow Jones Industrial Average did indeed go past 9,000 last week for the first time since January, but that wasn't what Charlie Rose and Jim Cramer were talking about. That clip was from April 3rd, 1998, when the Dow broke the 9,000 barrier before slipping just below it by the end of the day's trading.
Jim Cramer, now the sleeves rolled up, gag reel playing, gesticulating host of CNBC's appropriately named "Mad Money," was fully confident in his predictions. But the point here isn't to pick on Jim Cramer, it's to take note of the change in tone and phrasing that he and many other financial pundits have adopted between the 9,000 breakthrough in 1998 and the one that happened last week. Listen to Cramer on his CNBC show last Thursday.
CRAMER: Do exactly what my late mom always said to do when I was winning at the table, which is go out and buy a sweater with the profits.
HANSEN: In 1998, Dow 9,000 turned bullish Jim Cramer into an even bigger bull. In 2009, Dow 9,000 turned Jim Cramer into his mother's boy Jimmy, all snug and warm in a new sweater.