Friday, February 27, 2009

Stocks: the lost decade

The intra-day low on the S&P 500 so far today was 734.52. That's lower than the intra-day low (742.61) on December 5, 1996—the day Alan Greenspan gave his famous irrational exuberance speech. The closing price that day was 744.38. If it doesn't happen today, we will likely close below that level within the next week or so.

Update: The S&P 500 ended the day at 735.09, lower than when Alan Greenspan warned of a possible stock market bubble over 12 years ago.

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