NEW YORK The Nas-daq composite index flirted with 2,000 for the first time in nearly two years Wednesday and the Dow Jones industrials approached the 10,000 level as investors eagerly picked up stocks following a strong productivity report but then grew cautious.
The high-tech dominated Nasdaq reached 2,000 and the Dow came within 58 points of 10,000 in the afternoon before both indexes retreated and closed mixed. Analysts said investors were optimistic but choosing to take their time in sending stocks significantly higher.
''Folks are really starting to believe in the sustainability of the economic recovery,'' said Richard J. Nash, chief market strategist at Victory Capital Management.
The last time the Dow traded above 10,000 was May 31, 2002.
The Nasdaq's return to 2,000 was a significant step in the stock market's recovery from the heavy losses that followed the dot-com bust, recession and corporate scandals of recent years. But the index still remains well below its record close of 5,048.62, reached March 10, 2000.
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