In the here and now, the Dow has dropped 52.5 percent since its high of 14,279.96 on Oct. 11, 2007, to its low point of 6,779.62 during intraday trading on Monday. And in taking a similar 1 year-and-five-month period in the late 1920s, it's a case of deja vu.
The rate of decline is mimicking that of the Dow during the Great Depression. Back on Sept. 3, 1929, the Dow hit a high mark of 381.17. And over a similar 1-year-and-four -month period, it fell 54.7 percent to 172.36 on Jan. 2, 1931. "It's very troubling if you have a mirror image," said Phil Dow, market strategist for RBC Dain Rauscher & James. |source|
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