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.

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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