The Dow keeps setting new highs. But the number of shares whose prices are still going up is dwindling fast. Traders cheered on the floor of the New York Stock Exchange as the Dow Jones Industrial Average edged past the 10,000 mark for the first time on March 16th. By the time the cameras ceased clicking, the Dow was back in four figures again. The bull market in American shares is still under way—but the Dow's hesitant creep past its latest milestone reflected growing unease. The stockmarket indices are increasingly dependent on only a handful of shares to lift them higher, raising questions about whether this dwindling band can take the strain.
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