Nice, round number
There have been quite a few positive economic indicators to report on in the past few months, but as psychological milestones go, round numbers of the FTSE 100 index are right up there.
This is why we're bothering to share with you the news that in intra-day trading, the index - which represents the 100 biggest companies listed on the London Stock Exchange - has topped 5,000 for the first time in nearly a year, as the screenshot below from Google Finance shows.
Global indices plummeted when it was announced that American banking giant Lehman Brothers had filed for bankruptcy almost exactly a year ago, ushering in the most alarming phase of the global recession and engendering a general sense of apocalyptic despair.
The FTSE was over 5,500 in early September 2008 but had plunged to under 4,000 by the end of the month. The high point of this economic cycle was about a year earlier, when the FTSE topped 6,700.
Of course, 5,000 is just a number and it doesn't necessarily mean much for the broader economy, especially since, at time of publishing, it had already dipped back below that level. But it is psychologically significant and, since one of the biggest factors in determining the length and severity of a recession is confidence, could herald further positive economic news.