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Dow Jones Crosses Intrinsically Meaningless Milestone

Investors, rejoice! The Dow Jones Industrial Average has crossed the 11,000 mark for the first time since September 26, 2008. The news has caused much

Jul 31, 202040.3K Shares639.7K Views
Investors, rejoice! The Dow Jones Industrial Average has crossedthe 11,000 mark for the first time since September 26, 2008. The news has caused much breathlessnessin a financialblogospherehungry for good news. But, to throw some cold water on the situation, the number 11,000 is no more meaningful than, say, 7 or 912,384. Rising stock prices make money for investors and bring new entrants into the stock market. But they have only a tangential relationship to macroeconomic fundamentals. And, soberingly, having the Dow at 11,000 puts us precisely where we were in May 1999.
Rhyley Carney

Rhyley Carney

Reviewer
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