S&P 500 Sets Yet Another Fake Record This Year


From the Wall Street Journal:

U.S. stocks kicked off the second quarter with broad gains Tuesday, propelling the S&P 500 index to a seventh record close of the year.

I’ll cop to being sort of pedantic here, but no, the S&P 500 didn’t set a record today, let alone its seventh of the year. Time series like this only make sense if you adjust for inflation, and if you do that the S&P closed 10 percent below its August 2000 peak. Granted, the S&P 500 has more than doubled since 2008, an immensely more impressive performance than, say, median income or the unemployment rate, but it’s still not in record territory.

If you’re curious to see what the real S&P 500 looks like, it’s in the chart below.

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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

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