CNN/Money has an article today “The crash of 2002” with the sub-title “Stocks’ four-month slide has left investors battered and bloodied. How bad will it get”. According to the article, we may not be in for good financial times ahead:
Ten trading days, 1,360 points off the Dow. Let's start calling the “sell off” what it is. Let's call it a panic. Let's call it a crash.
Indeed, after rallying following Sept. 11, the markets topped out in March, and have been careening downward ever since: The Dow is down 25 percent since then; the S&P 500 is down 27 percent, and the Nasdaq is down 32 percent. […]
I can’t say that I’m terribly surprised by their assessment, but I would have preferred better news. Still I was amused by this bit:
In Mar. 2000, 500 shares of JDSU would’ve bought a Porsche 911 Carrera. Today, they’ll buy a 1990 Dodge Omni Hatchback with 100,000 miles (no a/c).