Peter Boockvar, writing on the Big Picture, has a nice piece comparing various asset prices and financial benchmarks and during the Dow Jones industrial average's first rise above 10,000 (in March, 1999) and today.
Here's a snapshot of his findings (minus his comparison of hit tunes and Academy Award winning films). The theme that emerges: This is not a repeat move of 10 years ago.
Gold in 1999: $280 (U.S.) an ounce. Today: $1065.
Oil in 1999: $16.44 a barrel. Today: $74.80.
Copper in 1999: 62 cents. Today: $2.83.
Yield on 10-year Treasury bond in 1999: 5.19 per cent. Today: 3.38 per cent.
Fed funds rate in 1999: 4.75 per cent. Today: 0 per cent.
What's also surprising is just how many Dow components are well off their levels in March, 1999 - and that's after ignoring debacles like General Motors Corp. Here are a few examples.
Microsoft Corp in 1999: $34. Today: 25.85.
Citigroup Inc. in 1999: $30. Today $4.94.
General Electric Co. in 1999: $37. Today: $16.80.
David Berman