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Photograph of Arthur Cashin wearing his 1999 Dow 10,000 cap and showing off his new one by Richard Drew/AP
Arthur Cashin, director of floor operations for UBS Financial Services, is basically part of financial history, if only because of his Dow 10,000 baseball cap. Cashin got the hat on March 29, 1999, when it first broke the 10K barrier.
Today, he got to show that he has a newer model (2.0 version, natch)—the Wall Street Journal reports, "The Dow had been flirting with the 10000 level throughout the session, and finally reached the psychologically important mark around 1:22 p.m. The measure hasn't traded at that level since Oct. 7, 2008, and hasn't closed above 10000 since Oct. 3, 2008." And Cashin wasn't the only one—the WSJ adds, "As has been the case since the Dow pushed above 9500 earlier this month, traders were again breaking out relics of previous moves into the 10000 level, such as hats and paperweights." Paperweights, people!
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Shouldn't that be version 3.0? 1999, 2003/2004 and now 2009?