Steven Russolillo writes: When Seth Masters published a white paper in June 2012 titled “The Case for the 20,000 Dow,” some people scoffed. The Dow was well below 13000 and in the early stages of recovering from an 8% pullback.
“It certainly got some attention because it was so different
from the prevailing mood,” Masters, chief investment officer at Bernstein
Global Wealth Management, said in a chat with MoneyBeat last week.
Fast forward almost a year and projecting Dow 20000 by
decade’s end doesn’t seem so crazy. The
Dow has rallied some 2500 points since Masters published his piece. The
blue-chip average, up 16% this year at 15215.25, is comfortably above 15000 and
is setting fresh records almost daily. An improving economy and an
extraordinarily accommodative Federal Reserve, combined with waning fears in
Europe and Washington ,
have fueled the massive rally…..
Wait…wait…there’s more at http://blogs.wsj.com/moneybeat/2013/05/15/morning-moneybeat-dow-20000-suddenly-not-so-crazy/
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