Just yesterday morning we were talking to our financial guy, and he made a comment about the Dow. And I pointed out I haven't been following it in a while -- was it still over 16,000?
Well, NPR just reported that yesterday's pre-holiday session had the Dow Jones Industrial Average exceed 17,000 for the first time.
That means we're all rich, the economy is humming along with full employment, the tax coffers are overflowing so we're fixing all our infrastructure this summer...
Yeah, it doesn't necessarily mean all that much. The 20 industrials in the average change over time, so it's not even the same average, but then how could it be? Still, it is a milestone.
Back in junior high, I had a social studies economics course with Mr. Ceretta. We did a project where we had X number of fake dollars and we invested in the stock market over several months. One thing that helped was the Dow going over 1000 the first time -- I made a killing, mainly because I was heavily into railroads, including the bankrupt Penn Central. It's stock kept going back and forth between 4 and 5, and with no fees in our calculations, I'd buy low and sell high every couple of days.
Yeah, making money on Wall Street does not have anything to do with financing the engines of industry.
Oh well. 17,000. It's a number.