Only Yesterday

On May 30, the S&P 500 finally recovered all ground lost in the 2000-02 bear market. How do current conditions compare to the previous record close seven years ago?

It seems like only yesterday the S&P 500 posted its previous closing high of 1527.46. That milestone, achieved on March 24, 2000, represented a 4.0% year-to-date advance in 2000, and a 57% jump from the September swoon of 1998, occasioned by the Long Term Capital Management implosion and the Russian debt crisis. But when I look back at pre-9/11 prices, I can't help but think, "Boy that was a long time ago."

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