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Long Term Perspective
The Dow Jones Industrial Average parted company from the NASDAQ composite index in 1999. Tech stocks soared last year. The gap between the NASDAQ composite and the Dow Jones Industrials narrowed in May when tech investors began to feel the impact of rising interest rates. Note that the left ordinate shows much wider variation for the Nasdaq composite index than the Dow Jones Industrials on the right ordinate. Short Term Perspective
On a year over year basis, the NASDAQ is outperforming the Dow Jones Industrials. However, comparing the index levels to those reached at yearend 1999, the Dow is performing better. In any case, both are down!
 Wilshire 5000 vs. PSE Technology 100 • Interest Rate Yield vs. Stock Market Growth |
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