Long Term Perspective
This chart reflects the inverse relationship between stock prices and interest rates -- most of the time! In some cases, stock prices rose even as interest rates were increasing.

Short Term Perspective
The combination of lower interest rates and declines in yearly returns in the DJIA signaled the slowdown in economic activity we saw in 2001. The yield on the 10-year note inched higher in November; stock prices rose in both October and November; although, the Dow Jones Industrials are still well below year ago levels.

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