A good post by Billmon today on the ruckus over the stockmarket.
The Dow Jones Industrial Average hit a record high today: 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!
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.
The only thing not mentioned is inflation. At standard inflation, the $1000 invested in 2001 is now equal to AT LEAST $1,134.40. So, you've got a ways to go before you "break even" from 2001. Enjoy the Bush Economy and your "wages".