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Bubble, Bubble, Toil and Trouble: Asset Prices and Market Speculation

The Running of the Bulls

Growth in the Dow Jones Industrial Average

1) Through year-end 1998
SOURCE: Dow Jones

Except for the 1930s (the peak of the Great Depression), the Dow Jones Industrial Average has grown each decade this century, sometimes robustly. The 1980s and 1990s have been exceptionally strong, with three quarters of a year still to go. This recent history has led many to wonder whether the surge will continue and whether the current economy is operating differently than preceding ones.