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S&P’s Back To The Future: 1997
The S&P 500 Index (.INX) opened today at 795. That’s the first time the index has been below 800 since April 1997. Eleven years of stock gains have vanished.
The Dow Jones Industrial Average (.DJI) and the Nasdaq (.IXIC) are skirting 5-year lows.
To date, the 10-year return of the S&P is -16%. If that performance holds until the end of the year, this could be the first 10-year period in which the market has lost money. Your broker’s marketing materials may require some significant edits.
In other news…
Jobless claims surged to a 16-year high, while leading economic indicators erased gains from September. Wall Street has keyed off a stream of seemingly endless negative information. And primetime Senate hearings for the auto industry haven’t helped.
The CEOs of General Motors (NYSE: GM), Ford (NYSE: F) and Chrysler failed to impress Capital Hill during their testimony. Executives were unable to gain the support they needed to get federal bailouts. All three companies could face bankruptcy without help.
Meanwhile, GMAC – the finance arm spin-off from General Motors – was looking for money, as well. GMAC is looking to become a bank holding company to qualify for federal bailout dollars.
Companies mentioned in this article: GM and F.
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