113 Years of Inflation Adjusted Stock Prices

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With the non-inflation-adjusted Dow is trading 1% below its all-time record high, today’s chart provides some long-term perspective with a chart of the inflation-adjusted Dow since 1900. Of interest is that the inflation-adjusted Dow has traded within the confines of an extremely long-term upward sloping trend channel over the past 113 years. It is also of interest that the secular bear market that concluded in the early 1980s was almost as severe as the one that concluded in the early 1930s. Also, while the market action from the inflation-adjusted record high of 1999 to the financial crisis lows of 2009 was severe, the magnitude of this decline was much less than what occurred with the bear markets that concluded in the early 1930s and early 1980s. More recently, the Dow has retraced most of the financial crisis bear market though the inflation-adjusted Dow currently trades 10.6% off its 1999 record high. While the inflation-adjusted Dow is not quite as near record highs as is the non-inflation-adjusted Dow, the post-financial crisis rally would have to be considered a rather dramatic turn of events — inflation-adjusted or not.


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