After the Dow Jones Industrial Average reached 10000 for the first time in 1999, New York City Mayor Rudolph Giuliani and New York Stock Exchange Chairman Richard Grasso gaveled the session to a close and tossed Dow 10000 hats, commissioned by the NYSE, to cheering traders on the floor.

The Dow is now flirting with its first close above 20000 on a pace that would represent the fastest 1000-point jump in history. But where is the irrational exuberance? Where is the celebration? Where are the hats?

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