The Dow Jones Industrial Average hit a record high [Tuesday]: 11,727 -- four points higher than the previous record, set January 14, 2000. So if you invested $1,000 in the 30 companies in the Dow six years and almost nine months ago, you'd have $1000.34 today!There is a bit of a feel-good element to the story of the Dow's having recovered its lost ground; but there is also little to suggest this is a turning point or that this is a leading indicator of a magical next few months where we all get a pony.
But, alas, if you invested that same amount in the S&P 500 Index (which in the winter of 2000 was bubbliciously full of tech stocks) you'd have only $910.56, and if you "invested" it in the companies in the Nasdaq Composite (the souffle of '90s equity indices) you'd have just $552.04.
Now, doesn't that make you feel better about the economy?
Hey, somebody has to be the downer at this party.