5 Years After Peak, S&P; Down 23.2%
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The Standard & Poor’s 500 index hit its record-high price five years ago today, at 1,527.46.
The blue-chip S&P;’s zenith followed the bull-market peaks of the Dow Jones industrial average (on Jan. 14, 2000) and the Nasdaq composite index (on March 10 of that year).
The S&P;, which ended at 1,172.53 on Wednesday, is down 23.2% from its 2000 peak. Including dividends earned over the last five years, a buy-and-hold investor in the index is down about 17% from the high.
As with the Nasdaq index, technology stocks have been the biggest drag on the S&P.; In a report two weeks ago, Standard & Poor’s said 67 of 78 tech stocks in the index were below their March 24, 2000, price levels.
By contrast, 75% of the non-tech stocks in the index were trading above their levels on that date, S&P; said.
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