How Top Tech Giants and Banks Dominated the 10-Year Bull Market

The bull market is now officially 10 years old. That anniversary took place on Saturday, March 9, 2019. The Dow Jones industrial average and S&P 500 had both put in double-digit gains in early 2019, before the most recent selling, but all the major equity indexes have risen exponentially since the V-bottom in 2009 and the day that the current bull market started. When pegging a bottom of the stock market in 2009, it’s important to consider your indexes.

March 9 was the lowest close for the S&P 500 of 676.53, but the big V-bottom intraday low was on Friday, March 6, at 666.79, with a close of 683.38. The Dow had a low close of 6,547.05 on March 9, but the intraday low of 6,469.95 was seen on March 6 with a close of 6,626.94. The most recent index levels were 25,450 for the Dow and 2,743 for the S&P 500. That was up about 290% for the Dow and 310% for the S&P 500.

Where things get interesting is in evaluating the technology-heavy Nasdaq Composite index. The March 9, 2009, close of 1,268.64 was lower than the March 6 close of 1,293.85, and it was barely above the intraday low on March 6 of 1,268.54. These were just under the November 21, 2008, intraday low of 1,295.48 and the November 20, 2008, low close of 1,316.12. This number should just be rounded to 1,300 for simplification. The Nasdaq Composite already had reached 1,700 by the end of April in 2009, but the 7,408 recent level for the Nasdaq was up more than 465% from that V-bottom low. This will become obvious when you see how the largest tech giants have performed over the past decade.

Seeing index gains of 300% or more is not exactly routine. Many

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