The unemployment rate hit 10.2% today, topping the 10% mark for the first time since June 1983.  Economists are generally expecting the rate to go higher before it goes lower.  Back in September 1982 when the unemployment rate moved above 10% for the first time in the post-WWII era, the rate remained above 10% for 10 months and hit a peak of 10.8% in November and December of 1982. 

With the Dow opening lower today by about 50 points only to close up by about 20 points, investors didn't seem too worried about the move above 10% in unemployment.  And they didn't seem too worried about it 27 years ago either.  In fact, the S&P 500 went from about 120 to 170 (+40%) throughout the period of 10%+ unemployment from September '82 to June '83.

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