I devote a very small amount of my time to watching what happens in equity markets, since there are plenty of more important things in the world. You can read Felix Salmon passim on why media fixation on the Dow (or the S&P) is so nonsensical.
But the depths the market is plumbing at the moment make me wonder if we’re going to get to that particular witching point in December 1996 when then-Fed chairman Alan Greenspan decried “irrational exuberance”. The level of the Dow when he gave that speech was 6,437, the S&P was 744 and the Nasdaq was 1,300. Nasdaq and the S&P have made it down to Greenspan’s irrational exuberance; the Dow only has another 1,100 to go, and what’s that between friends?