Wall Street

Total Bull: Dow Stays Past 10,000; WMG Heads Towards $7…

Wall Street is sticking to its 5-figure status, at least for now, and that helped to boost a pair of music-related shares on Thursday.  At the bell, the Dow (DJIA) finished up 0.47 percent to 10,062.94, despite some weakness in the financial sector.  Elsewhere, Warner Music Group (WMG) continued its appreciative ways, lifting 6.12 percent to $6.76, while Trans World Entertainment Corporation (TWMC) bumped 8.9 percent to $1.59.

The rest were relatively lukewarm, including Apple (APPL), down 0.38 percent to $190.56.  In the midst of a difficult regulatory review, Live Nation (LYV) dropped 2.45 percent to $7.96, while Ticketmaster (TKTM) slumped 0.62 percent to $11.31.

The market movements offer a reminder of an era gone by.  The Dow first crossed the 10,000-mark in 1999, heady times for a now-unraveled music (and more specifically, recording) industry.  Indeed, plenty of observers are curbing their enthusiasm, based on the reality that the market has really moved little over the past ten years.  And, during the past decade, the music industry has been thoroughly disrupted.

On the music side, 1999 was the year that Napster first appeared. And after an album sales peak in 2001, discs entered a nosedive.  Meanwhile, the surge on Wall Street seems disconnected from an economy saddled with huge unemployment, housing foreclosures, and government debt, though capital markets appear to be recovering.

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