Not since Jan. 15, 2002, has the Nasdaq index closed above 2,000. But today it did, itself reaching its holy grail of 2,000 almost three weeks after the Dow closed above 10,000.
The Nasdaq closed up 33.34, or 1.7 percent, at 2,006.48, its highest point in nearly two years, following a 1.1 percent advance last week. The tech-dominated index climbed above 2,000 for all of a minute on Dec. 3 before falling back, and had not closed above 2,000 since Jan. 15, 2002, when it stood at 2,000.91.
And this AP story marks it as the most important indicator of a recovering economy.
The Nasdaq’s recovery has been perhaps the most important indicator of the stock market’s growing strength. Decimated in the three-year bear market, the Nasdaq has regained 80.1 percent since it hit a six-year low of 1,114.11 on Oct. 9, 2002.
Indeed, the good marks continue to roll in for the Bush economy, shown in by the Bush tax cuts and as we move further away from the tech bubble bust a few years ago, 9/11 and major combat operations in Iraq.
Yes, the economy is doing great. Just ask any Democrat. Their silence will be enough.