While cheers could be heard on the floor of the New York Exchange when the Dow broke the 10,000 mark on Wednesday, Bill Smith, CEO and president at SAM Advisors, said the move did not have much significance.
“I really don’t think the Dow 10,000 mark means a great deal unless you are a technician”, said Smith on CNBC's "Squawk Box Asia" Thursday.
“I think if you approach the markets on a fundamental basis, it means absolutely nothing," he said.
The Dow Industrial Average gained 1.5 percent to close at 10,015.86, the first time it has closed above 10,000 since last October, fueled by strong earnings from JPMorganChase and Intel .
What does matter, according to Smith, is earnings power. He said that strong earnings results from US companies will sustain the Dow’s level.