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October 04, 2006

Ka-Ching: Dow At 11,850

It's almost like we have a strong economy or something.

This is important:

The Dow's record-setting day on Tuesday wiped out records that had stood since Jan. 14, 2004. The broader market indicators are still lagging as they try to recover from the turmoil that began with the dot-com bust early in the decade.

Let's not forget the previous high in the Clinton Administration was fueled largely by absurd speculation and overinvestment in phatantasmal dot-com ventures. This current mark is much more realistic -- indeed, given the markets' skittishness, price levels are probably held lower than they might be in other periods of history.

Brit Hume said he thought there'd be more celebrating if the broader S&P index broke a record. Well, the S&P is a ways away from that, but it's moving in the right direction too:

Those indexes rose sharply Wednesday along with the Dow. The Standard & Poor's 500 index was up 16.11, or 1.20 percent, at 1,350.22 and the Nasdaq composite index rose 47.30, or 2.11 percent, to 2,290.95.

On Cavuto, analysts seemed to have a consensus opinion that 12,000 was easy, 13,000 was likely, and 14,000 was not entirely out of the question.

And, again: this is all a much more realistic level than occurred under Clinton. How many times did Greenspan have to say that an "irrational exuberance" was pushing stock prices ridiculously above their objective values?


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posted by Ace at 05:35 PM

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