It’s Back to the 1990s for the Stock Market
The stock market continued its cliff diving today, with both the Dow Jones Industrial Average and Standard and Poor’s 500 Index closing at their lowest levels in more than a decade — cementing worries about the deepening recession.
As Calculated Risk puts it, it’s time to party like it’s 1997.
Indeed, the Wall Street Journal runs the numbers:
The Dow Jones Industrial Average, which suffered a 485-point slide last week to hit new bear-market lows, ended down 250.89 points, or 3.4%, at 7114.48, its lowest closing mark since May 7, 1997. The S&P 500 dropped 26.72 points, or 3.5%, to 743.33, its lowest close since April 11, 1997.
The economy was booming in those Clinton years. But it’s painful to see the stock market falling back to mid-1990s levels.
When it comes to the stock market, forget about nostalgia. Just cross your fingers and hope for an end to the free fall.