DavidS
Anti-Tea Party Member
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.
"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.
