Eddy Elfenbein submits: This is a big year for market history buffs. In October, we'll celebrate (or at least commemorate) the 20th anniversary of Meltdown Monday. Next Month is the 25th anniversary of the start of the Reagan Bull Market. Earlier this year, we had the 100th anniversary of the beginning of the Panic of 1907.
But yesterday was the most important one of all. On July 8, 1932, the stock market reached its low. Or more technically, its low, low, LOOOWWW. The Dow bottomed out at 41.22—a stunning 89.2% drop from its peak from three years before. The S&P hit a measly 4.41, and the Nasdaq was still 40 years away.
On Monday, July 11, the Dow rallied to 42.99. That was it, the crash was finally over! But few people knew it. The next few weeks saw a furious rally as the Dow hit 79.93 on September 7. That's a gain of 94% in two months.
Going by Thursday's close, the Dow is up 32,810% over the last 75 years. The S&P 500 is up a little more, 34,390%. Add in dividends and the market is up about 675,000%.
Here's to the next 75 years!