Is Anyone Really Impressed By 14000?

I'm a big CNBC fan. I've been interviewed countless times since the network was formed, know many of the reporters and producers well, and most important, watch it religiously all day long when the markets are open.

But I've never understood why CNBC and virtually everyone else in the financial media continues to think it's important when the Dow Jones Industrials average exceeds its previous record high by a few points or why GOP-leaning analysts say that it's significant.

The Dow was at 10,570 on the day George W. Bush took the oath of office in 2001. That makes the current flirtation with 14000 (plus or minus a few points depending on the day) a 3430 point total increase over about the past six and a half years. That's a dismal approximately 5 percent nominal annual increase.

Maybe this explains at least part of the reason why average investors are not feeling that good about their portfolio and why the Bush administration's approval ratings on economic issues is so low.

What it doesn't explain, though, is why anyone else continues to say that Dow 14000 is impressive.