Dow is Up 42% since March 9th…Off 34% from Oct 2007 Peak, Down 18% Since Lehman Collapse on Sept 12, 08
The Dow Jones Industrial Average’s rally of 42% since March 9 still leaves the blue chips down 18% from 11421.99 on Sept. 12, the last trading day before Lehman tumbled into bankruptcy and Merrill Lynch was sold to Bank of America.After closing Friday at 9321.40, the Dow is 34% below its all-time high close of 14164.53 in October 2007.Stocks have roared back from their bottom in March with ease, shrugging off the recession and unrelenting loan losses at banks. That combination of momentum and psychology could carry stocks back to pre-Lehman levels soon. Holding onto that ground, much less another upward jolt that carries stocks to new highs, will likely be much tougher, many market watchers contend. Some suggest the market could be stuck in a holding pattern until 2011.
By Mark Gongloff, August 17, 2009, WSJ