Battle-weary investors remained skeptical of a banking quick fix and endured more grim economic fodder during the past week, causing US stocks to hit their lowest level since 1997. After the worst January (-8.8%) on record, the Dow Jones Industrial Average closed February (-11.7%) in the third worst position, after 1933 (-15.6%) and 1920 (-12.5%).
As if the recent declines are not bad enough, Chart of the Day points out that in inflation-adjusted terms the Dow has gained only 55% since its 1929 peak and a mere 10% since the 1966 high....
HT: The Big Picture. See also our posts "That's a Wrap: The Market has Given Back One-half of ALL the Gains in the DJIA Since the 1932 Market Bottom" and "Factoid of the Day: We are Now 80 Points Away from Erasing One-half of ALL the Gains in the DJIA Since the 1932 Market Bottom"
