Wall Street Hits Landmark Closing

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Wall Street's recovery hit its biggest landmark yet, Wednesday, with the Dow closing well above the 10,000 mark.

It has been one year since the Dow hit the 10,000 threshold, and only seven months since its 12-year low of 6,500.

Wednesday's mark allowed Wall Street to witness something rarely seen over the past year-- cheering.
Investors pointed to positive earnings from chip maker Intel and banker giant JP Morgan, and reports of bank and securities employees collecting $140 billion in bonuses.
Put it all together and you get investor confidence.

"We are seeing that earnings are profitable," said Jonathan Corpina of Meridan Equity Partners. "They're going to continue to be profitable, and the outlook is good."

While investors are shaking off doubts about the economy, however, analysts warn that problems like unemployment and a weak housing market are preventing a full recovery.

"Until we see hiring come back and unemployment start to dip, you're going to see many people on Main Street continue to worry," said Dan Arnall of ABC News Business Unit.

Nearly 3 million Americans have lost jobs since March.

"We are moving forward on a number of economic fronts and we are going to explore each and every avenue that I can think of that will lead to job creation and economic growth," President Obama said.

Along with increasing unemployment numbers, a new retail report for September revealed the biggest drop in a year.
Analysts blame sinking car sales after the government's "Cash for Clunkers" program ended.

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