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DOW 20,000 – A Non-Event
The Dow Jones Industrial Average crossed the symbolic threshold of 20,000 on January 25, 2017, just 42 days after reaching 19,000, eliciting an avalanche of articles and commentary, and creating a general feeling of elation. But the milestone also raised a number of questions: (1) does it matter; (2) does it mean stocks are expensive; and (3) is it a validation of President Trump’s stated policies? Let’s look at each one of these questions in more depth.