Advice to IROs who fear the market's recovery could implode
What a difference a year makes. In April 2003 US troops crossed into Iraq and entered Baghdad. The monthly highs for the Dow Jones Industrial Average and Nasdaq Composite indices were 8,515.66 and 1,471.3, respectively – both dismally short of their record March 2000 levels. And as companies reported first quarter 2003 earnings, few saw an end to a three-year market decline that had hammered most stocks.Yet by December the Nasdaq Composite was showing an annual increase of 50 percent
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