Flashback: Stocks Race Past New Milestone As Dow Breaks 7,000 Barrier

Discussion in 'Stock Market' started by DavidS, Feb 20, 2009.

  1. DavidS
    Offline

    DavidS Anti-Tea Party Member

    Joined:
    Sep 7, 2008
    Messages:
    9,811
    Thanks Received:
    766
    Trophy Points:
    48
    Location:
    New York, NY
    Ratings:
    +767
    This reminds me of one of those billboards like "Remember when Mtv used to play music videos?"

    "Remember when hitting 7000 was a GOOD thing?"

    Stocks Race Past New Milestone As Dow Breaks 7,000 Barrier - New York Times

    The stock market, seemingly oblivious to worries among some Washington policy makers and Wall Street analysts that share prices are too costly, continued its blistering upward march yesterday as the Dow Jones industrial average surged past 7,000 points for the first time.
    Buoyed by an economic outlook of rising corporate profits and low inflation, the stock market has long since recovered from a brief fall in December that was touched off by comments from Alan Greenspan, the chairman of the Federal Reserve, who asked whether prices on Wall Street were reflecting a mood of ''irrational exuberance.''
    Only adding to what has already been the most impressive bull market run in history, the Dow climbed 60.81 points yesterday to close at 7,022.44. It was the fastest 1,000-point sprint ever on Wall Street, coming just 82 trading days after the Dow had reached the 6,000-point level.
    ''This market has unfailingly been able to defy mass consensus and historical precepts,'' said Eugene Peroni, an analyst at Janney Montgomery Scott in Philadelphia. ''It is simply an unprecedented market that's making historical inroads.''
    Just since the beginning of the year, the Dow -- the stock market's most widely followed gauge -- has already gained more than 574 points, or 8.9 percent.
     
  2. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617
    I remember those days well.

    The dotcom madness was in full force.

    I recall reading an article about the "geniuses" of the dotcom boom who were borrowing millions to gain market share.

    Some of them were spending more than $50 PER VISITOR on marketing and the nitwits who pander to big bucks actually thought these morons were intelligent.

    Well...all those geniuses are OOB, and Rosetta (which never spends a dime on marketing or PR) continues to publish every week and slowly but surely its audience continues to grow.
     

Share This Page