This bull market has hit the 10-year mark. Will it keep raging or will bears spoil the party?
In early 2009, a gallon of gas in California averaged $2.16 and the movie “Watchmen” was playing in theaters at an average ticket price of $7.50. “Late Night With Jimmy Fallon” premiered. Facebook Inc. was still a private firm.
On Wall Street, the stock market was mired in a deep slump stemming from the housing and financial crisis then gripping the nation. On March 9 that year, the Standard & Poor’s 500 index closed at 676.53, down a whopping 45% from just six months earlier.
“The numbers are mind-bogglingly awful,” The Times reported the next day, but noted some analysts believed the market was “overdue for a snap-back.”
They were right, and what a snap-back it proved to be, as stock prices then took off in what eventually would become a record long-term rally.
Click below to read the full article by James F. Peltz for Los Angeles Times.