Damn Those Details

Washington Post (10.04.06):

"The Dow Jones industrial average leaped into record territory Tuesday, highlighting Wall Street's long recovery from the popping of the technology bubble, the 2001 terrorist attacks and a wave of corporate scandals. The Dow may be moving into new territory, but the broader indicators have not entirely recovered from their technology-stock hangover." Dow Hits New High After a Long Recovery

"The Standard and Poor's 500-stock index closed Tuesday at 1334.11, up 2.79, but well under its March 2000 mark of 1527.46." The Nasdaq composite index, which is heavy with technology stocks, closed yesterday at 2243.65, up 6.05 for the day, but it is still worth less than half its 2000 peak of 5048.62." And the Dow? "Even the Dow's record is not quite as impressive as it seems. If inflation is taken into account, the Dow has to rise another 2,150 points before it will set an all-time high." UPDATE: Food for thought, via FirstDraft. LATimes (10.04.06):

"In less than seven years, the value of the typical U.S. home has risen 64%. The price of gold has doubled. The Russian stock market has rocketed nearly 800%. And the Dow Jones industrial average just broke even." Dow's New Height Not as Giddy as the Last One