"Well, we got it," says FORTUNE senior writer Andrew Serwer of the Dow's historic close at 10,006, after four tries at the 10,000 barrier. Such a milestone, albeit a relatively meaningless one, means it's time to take stock (so to speak) -- the blue-chip index is up an astounding 30 percent since those briefly panicky days of October 1998, and Serwer says the feeling on the Street is one of "a tremendous amount of relief." But New York mayor Rudy Giuliani, who took time off from belatedly mending bridges with the Amadou Diallo protesters to mooch some good feeling and ring the closing bell, shouldn't expect 11K anytime soon.
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"First of all, there'll probably be a quick pullback tomorrow because there's always a little paranoia at a threshold like this," says Serwer. Other than that, the economy is strong -- maybe a little too strong. "Interest rates are starting to creep up," he says; an optimistic economic forecast for summer has sparked fears of a Fed hike down the road, and nothing scares the market like expensive money. "If interest rates continue to rise," says Serwer, "the Dow will not stay at this level." But it sure was fun for a Monday.