On Monday, we looked at the Nasdaq, and noted that most of the gains over the past 4 years came in 2003.
Today, we look at the Dow Industrials:
The Dow chart is also very front loaded, but a bit more bifurcated than the Nasdaq, with literally all of the gains coming in 2 spurts: Of the 67% run up from the 2003 lows, the lion’s share came in that 1st year. From March 2003 to February 2004, the Dow tacked on over 42%.
From February 2004 until July 2006 — a period of about 2 and 1/2 years — the Dow was essentially flat (plus 1% per year). The big run up since July 2006 accounts for the remaining chunk of gains — but only about a third as much the 2003 run.
Of the 67% the Dow has gained since March 2003, just under two thirds occurred in the first 8 months; Abotu a third occurred over the last 8 months. The middle 30 months saw neglible gains.