May 31, 2007
PERHAPS NOT QUITE HOOVERESQUE:
Recovery complete, S&P finally clears dot-com high (Tomoeh Murakami Tse, 5/31/07, The Washington Post)
The Standard & Poor's 500-stock index hit a record high Wednesday, marking a four-year recovery of U.S. stocks battered by the burst of the tech bubble, the collapse of Enron and WorldCom, the Sept. 11, 2001, attacks and the wars in Afghanistan and Iraq.The Dow Jones industrials also climbed to a record, and Boeing shares cleared $100 to set an all-time high.
The S&P 500 is in many ways the key major market indicator because it includes a broader range of stocks. It reached its previous high of 1,527.46 on March 24, 2000, at the end of the tech boom that had big guys on Wall Street and college kids on laptops sapping up shares of Silicon Valley wonders that proved too good to be true.
The S&P 500 hit bottom, at 776.76, on October 9, 2002. It has been a long recovery since.
Not that anyone takes academics seriously anyway, but when you see these polls of historians and they rank George W. Bush as one of the worst presidents ever, it's helpful to look at his record. Posted by Orrin Judd at May 31, 2007 11:50 AM
There are historians, and there are historians. Remember how they ranked Ike, Truman, and Reagan? Once the current "historians" died off, the true ranking will be out. The only problem is, most of us will not live long enough to say "I told you so."
Posted by: ic at May 31, 2007 7:05 PM