What Wall Street's saying about Dow 20,000

What does Dow 20,000 mean for investors? Is it up, up and away for stocks? Is it time to jump into the stock market or get out? What does it mean for your personal finances and 401(k) plans?

There's no shortage of advice or analysis at the moment flooding into USA TODAY. Here's what market experts are saying:

WHAT'S THE SIGNIFICANCE OF DOW 20,000?

"A remarkable achievement, but it's even more promising for American capitalism."Todd Schoenberger, director, Jones Falls Financial Publishing. "Considering where Wall Street has been this century, to achieve such a remarkable milestone proves free markets always persevere and thrive."

Dow 20,000 is just a big "round number."Greg McBride, chief financial analyst at Bankrate.com. “The Dow hit 20,000 (today). The Queen of England turned 90 last year. Both are round numbers. Neither carry any real significance.”

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WHAT'S NEXT FOR THE DOW?

The "market always goes higher over time, " Todd Morgan, chairman of Bel Air Investment Advisors. "The lesson here is that through wars, recessions, elections, impeachments, financial crises, and on and on, investing for the long term in high-quality stocks is the key to building wealth. ... We are telling our clients that you can’t time the market. Think long term. Stay the course. We expect the market to see Dow 30,000 in my lifetime, and for my grandchildren to see Dow 50,000 in their lifetime."

Dow 20,000 doesn't mean the blue-chip stock gauge is "off to the races." Darren Kisgen, associate professor of finance at Boston College. “While reaching 20,000 does speak to the optimism and excitement that everyone has for the economy and for what’s coming up I wouldn’t necessarily take it as something like, ‘Oh, we’ve broken through 20,000; we’re off to the races.’ That was what a lot of people said back when we hit 10,000 in 1999, (but) ... that didn’t happen immediately by any means. I wouldn’t necessarily take 20,000 as a signal that the market will go up significantly from here. There is still risk out there. A lot of the things the market is pricing in are things that have been talked about, but they haven’t happened. If, for whatever reason, we find out that these initiatives (from the Trump administration) aren’t going to happen or are less likely to happen, the market will immediately reflect that.”

"Clarity is the market's oxygen," Quincy Krosby, market strategist at Prudential Financial. "The more (clarity) President Trump provides (on his economic policies), the more Dow 20,000 moves to the rear-view mirror. Dow 21,000 will soon become the next media obsession."

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WHAT SHOULD INVESTORS DO NOW?

"Investors should use (the Dow milestone) to "review their holdings."Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. "The crossing of 20,000, 64 days after crossing 19,000 and 78 days after the presidential election (up 9.5%) is a psychological and emotional point, which investors should use to review their holdings and performance. It is not, in and of itself, a trading point -- except for a few momentum short-term traders."

"We would not recommend changing (portfolio) tactics."Albert Brenner, director of asset allocation strategy at People's United Wealth Management.  “When a market reaches a milepost, it’s probably as good a time as any to review one’s goals, the progress towards those goals, and the current positioning of one’s portfolio. We would strongly recommend sticking with the longer-term plan and it's asset allocation unless the review shows a reason for adjustment. We would not recommend changing tactics just because a milepost is reached.”