Thursday, April 25, 2024
Miles from the Mainstream
D. R. ZUKERMAN, proprietor

Headline on Part 2 (page 23) of SundayBusiness,
The New York Times, July 10

"The Market's Up. Why do We Feel Blue?"

JULY 10, 2005 --

This headline appears above an article by Paul J. Lim on market performance in the second quarter, this year.

The story concludes that in the past, a year after the Fed stopped raising interest rates, stocks were down 3.9%.

LPR's problem with the headline is that the Dow Jones closed 10449.14 on July 8. The close for the Dow Jones that I have, at years end -- December 31, 2004, is
10783.01.

 

It is not clear to LPR how the claim can be made that the market is up for 2005 -- unless, of course, the Dow Jones no longer counts -- in which case,
why cite it daily?

Additionally, I could provide Mr. Lim a couple of stocks that are down from the December 31, 2004 closing bell, but this writer is trying to conquer his anxiety, and hopes, in any event, the point has been
made without need of personal example.

 

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