Divided by 10,000

It's a big-stock world, but there's unusual value in small companies. Will they ever rally?

Dow 10,000 is so widely anticipated that the media have been writing about it for weeks--even though it's yet to happen. We've had our excuses. There was the dubious, theoretical 10,000, reached March 12 by adding individual peak prices for each component to come up with Dow 10,043. Never mind that at no point during the day was the average near that level. Then came the modestly credible intraday benchmark last Tuesday, when the Dow briefly traded at 10,002 based on actual prices before ending the day much lower. On Friday the Dow traded well above the magical mark most of...

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