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Another Bubble?
by James Rickards Daily Reckoning
The Dow Jones Industrial Average (DJIA) was 36,800 on Jan. 4, 2022, an all-time high. It’s about 35,450 today. That’s down 3.8% over the past 18 months. That decline is nominal. But if you adjust for inflation, the DJIA was down 6.42% over those 18 months.
The same applies to the S&P 500 index. The S&P was 4,794 on Jan. 4, 2022, also an all-time high. It’s about 4,559 today. That’s down about 5% over the past 18 months. That decline is also nominal. If you adjust for inflation, the S&P 500 was down 8.25% over those 18 months.
The Nasdaq Composite Index was 16,057 on Nov. 19, 2021, another all-time high. It’s about 14,065 as of today. That’s down about 14% over the past 20 months. Again, that’s a nominal return. Adjusted for inflation the Nasdaq Composite was down about 17.5% in the past 20 months.
Are we having fun yet?