Last week, the Dow Jones Industrial Average rose above 10000—again.
Since March 16, 1999, when it first touched 10000 in intraday trading, the Dow has bounced over that threshold and back 63 times.
On Friday, the index closed 220 points below where it stood exactly 11 years ago.
This isn't the first time stocks have been stuck on a seemingly endless pogo-stick ride.
On January 18, 1966, the Dow hit an intraday high of 1000.50. It broke through the 4-digit barrier 3 more times that January and February, then faded. The Dow cracked 1000 again in 1972 and 1976, then fell back both times.
Not until December 1982 did the Dow finally hurdle above 1000 and stay there.
Are we 10 years into a similar 16-year secular bear market?
Jason Zwieg, Wall Street Journal
The Intelligent Investor: 11 Years and Counting - WSJ.com
No comments:
Post a Comment