Dow index seen hitting 35,000 in 10 years - analyst
Reuters Story - April 17, 1998 18:38
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By Pierre Belec
NEW YORK, April 17 (Reuters) - The greatest stock market
story has yet to be told. The Dow Jones industrial average
could zoom to 35,000 points in 10 years, says one expert.
Sound far-fetched? Think again. Ten years ago, the world's
most closely watched stock gauge stood at 2,000. This week, it
closed above 9,100 for the first time.
"A decade from now in 2008, the Dow's most likely target
could be 35,000," said Harry Dent Jr., the San Francisco-based
author of "The Roaring 2000s" (Simon & Schuster, $25) and
publisher of H.S. Dent Forecast, which tracks economic and
demographic trends.
"It's not as crazy as it sounds because the rise would be
the same average annual growth rate that the market has
exhibited since the boom began in 1982," he said.
Dent said the market will be driven by two predictable
factors: spending by Baby Boomers, which fuels a big chunk of
the economy, and the growing popularity of computers and the
Internet.
Stocks have climbed at least 20 percent annually for three
straight years, ridF S
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U.S. stock index futures higher in afternoon trade
April 17 - U.S. stock index futures were higher in afternoon
trade on continued mid-month buying. June S&Ps extended gains
to 1,128.80, above 1,128.40, the right shoulder of a
head-and-shoulders formation and the high from Wed's GLOBEX
session.
((Chicago Derivatives Desk(312)408-8750
chicago.derivatives.newsroomreuters.com)) |
