Dow hit bottom one year ago - Spokane, North Idaho News & Weather KHQ.com

Dow hit bottom one year ago

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WASHINGTON. - Tuesday, March 9 is an anniversary that many people would like to forget.

One year ago Tuesday, the Dow Jones Industrial Average dipped to its lowest point of the recent Great Recession.

It was the bottom of one of the worst bear markets in history, but it also marked the beginning of one of the steepest rebounds.

"It's a long time since we've had a run with a year like that, that is so consistently has gone up," observes James Stewart of The New Yorker.

From one year ago, the Dow is up more than 60 percent.

Market segments that fell hardest have bounced back the most.

Banks and financial stocks for example, down more than 75 percent in the bear market have rebounded more than 115 percent.

Technology stocks have also helped lead the rally. The NASDAQ is up more than 85 percent from last year.

"It's psychologically perverse, but the more it goes down the more we should think about buying. That was number one, psychologically," said Stewart. "Two, the government had done everything right based on the sort of Keynesian playbook and the lessons of the depression."

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