Thursday, March 10, 2005

Unhappy Fifth Anniversary

Today is the fifth anniversary of the top of the bull market, at least as indicated by the Nasdaq composite index (the DJIA had peaked a couple of months earlier).

On 3/10/2000 the Nasdaq stood at 5049. By the time the bear market saw its worst day (10/9/2002), the index had dropped to 1114 (a gut-wrenching 78% plunge). Today it closed at 2060 (up 85% from its low, but still down 59% from its high).

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