The Way We Were at 1000

Way We Were at 1000

Only once before has the Dow Jones industrial average crossed a milestone of such dizzying stature. Before the magic of 2000 came the mystique of 1000. The Dow first broke through that barrier more than 14 years ago, closing at 1003.16 on Nov. 14, 1972. For nearly a decade before, brokers had dreamed ! about the event, describing it as "romantic" and comparing it to the first breaking of the 4-min. mile. "It's a hell of a news item," said one investment-house partner on the day it finally happened. Economist John Kenneth Galbraith, on the other hand, downplayed it, saying, "Mostly...

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