Vice President at Wachovia Securities in Palo Alto, hosted his 12th
champagne and cake party to celebrate this event. McGee has hosted a
celebration each time in the past 34 years that the DJIA has broken a
1,000 point level. He is a self-described historian of the Dow Jones
milestones and keeps a scrapbook of articles noting the market's climb
to its present high.
McGee says it has taken 7 1/2 years since the Dow closed over 11,000 on
May 3, 1999. He also recalled that it took less than a month in 1999
for the Dow to move from 10,000 to 11,000. It has been over 19 years
since "Black Monday" on October 19, 1987, when the DJIA declined over
500 points, the largest one-day point drop in history up to that point.
Approximately 40 guests enjoyed the festivities in the Wachovia
Securities office and each anticipates the next celebration when the
Dow will break 13,000. How long will it take?