With all the breathless anticipation over the Dow Jones Industrial Average’s random walk to 20,000—a milestone only significant for its impact on Wall Street’s psyche—investors would think hitting the level this year was assured.
However, there are growing signs that although the Dow DJIA, +0.07% is oh-so-close to touching rarefied air, it might face sufficient resistance over the next several days to thwart its ascent. The Dow rose to within 14 points of reaching 20,000 Wednesday morning, but then faded to end the day about 60 points away, and slightly lower, along with the S&P 500 index SPX, +0.13% and the Nasdaq Composite Index COMP, +0.28%On Friday, the Dow ended mostly flat after posting its first back-to-back losses in six weeks, placing the benchmark about 70 points from the promised land.
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