Long Term Perspective
The Dow Jones Industrial Average parted company from the NASDAQ composite index in 1999. Tech stocks soared in 1999, but corrected to a large extent in Y2K. 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 axis shows much wider variation for the Nasdaq composite index than the Dow Jones Industrials on the right axis.

Short Term Perspective
The Nasdaq composite index remains sharply down from year ago levels in November whereas the Dow Jones Industrials are seeing the light at the end of the tunnel.

S&P 500 vs. Russell 2000   •   Dow Jones Industrials vs. Nasdaq Composite

Wilshire 5000 vs. PSE Technology 100   •   Interest Rate Yield vs. Stock Market Growth