Buffalo, N.Y. (WBEN) - Friday's close on Wall Street revealed the Dow Jones Industrial Average closing above 40,000 for the first time. A local financial planner calls this a significant milestone.
"40,000 is an amazing number," says Michael Angelucci of Level Financial Advisers.
He says Friday's close of 40,003 signals strength and confidence in the U.S. market.
Angelucci says corporate earnings are good, unemployment is still low, and last week, there were good numbers around inflation.
"Investors are hopeful that interest rates will come down, and anytime you have interest rates coming down, it's going to raise the price of assets," Angelucci explained.
He says this also sends a positive message for those investing long-term.
"I tell people that if you're in the market, you've got to stay in it. If you stay in it over time, you're gonna get 10%, over 10, 20, or 30 years. So when people see the market strong, hopefully they stay in it, and it will create more positivity in the whole thing," Angelucci said.
The Dow first crossed the 10,000 mark in 1999.
