Stocks in '11 soared, sank — and now?
The earthquake and tsunami in Japan, the Arab Spring, debt problems in Europe and the U.S., and an economy that continues to struggle with stubbornly high unemployment resulted in a volatile stock market in 2011.
For a day — or a week — major indexes would drop several hundred points only to rebound with big gains. This past fall, key market indexes fell by 5 percent one week, only to jump 7 percent the next.
The Dow Jones industrial average, the broader Standard & Poor’s 500 index of big companies and the Nasdaq posted strong gains early in the year, and in early May hit their highest levels since 2008.
Then, stocks went into a free fall reminiscent of the days of the financial crisis in late 2008. They were pushed by fears that the U.S. economy was falling back into recession, the debt debate in Washington and Europe, and higher energy costs. All three indexes, at one point or another, were off about 20 percent from their May peak.
But looking at the year overall, the indexes basically finished where they started. Each rallied in the final quarter on signs that the U.S. economy is improving and that the Europeans have, for now, stabilized their debt situation.
The Dow finished about 6 percent higher, the S&P was essentially unchanged and the Nasdaq ended about 1 percent lower.
“You went through a year of tumultuous activity,” said Matt McCormick, an analyst with investment advisory firm Bahl & Gaynor in Cincinnati.
The big swings in 2011 reflect a global economy still dealing with fallout from the financial crisis in 2008, which revealed how deeply countries are in debt and their struggles to get it under control, said Ric Dillon, CEO of Diamond Hill Capital Management, an investment-advisory firm based in Columbus.
That the stock market ended up about flat shouldn’t be unexpected, he said. After a big run in 2009 and 2010, stocks began 2011 more fairly valued.
“If you started with a price that is not cheap, it would not be surprising we had a blase year,” he said.
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