Digital Life

The Dow Hits 9,000, But We've Been Here Before

  • Playlist
  • Download
  • Embed
    <iframe src="" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
  • Playlist
  • Embed
    <iframe src="" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">

The Dow hit 9,000 on Thursday, but the tone from the financial pundits was much different from the first time the Dow broke 9,000, in 1998.

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.


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.

Copyright © 2009 NPR. All rights reserved. Visit our website terms of use and permissions pages at for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio.



Please keep your community civil. All comments must follow the Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.

NPR thanks our sponsors

Become an NPR sponsor

Support comes from