2002: Less than three years after peaking at 5048.62, the NASDAQ Composite index hits rock-bottom at 1114.11 — a 77.9% loss. Naturally, the analysts have universally turned bearish. Now they tell us. Over the next two years, NASDAQ will nearly double.

1998: Japan's Nikkei 225 index, formerly the measure of the mightiest stock market in the world, closes at a new low of 12,879.97, down 66.9% from its record high of 38,915.87 on December 29, 1989.

Time Inc. Research Center.

1972: The Wall Street Journal asks investment analysts and money managers what's in store for the stock market. William A. Hayes, head of ITT's pension fund, declares that big growth stocks will keep on growing: "They lend themselves to buy and hold. Like Tiffany merchandise in the art market their prices are high but they'll be still higher next year." Abraham Bernstein of $150 million Bayrock Advisors agrees: "Investors have always paid a premium for predictable earnings growth and I see no reason why the situation should change." Robert L. Newton, who manages $880 million at the Chemical and Eberstadt mutual funds, says, "I'm optimistic we will get a good market in 1973 with considerably more breadth." Bad breadth turns out to be more like it: In 1973, the stock market ends up losing 14.7%, with another 26.5% fall in 1974.

Victor J. Hillery, "Abreast of the Market: A Stock Market Appraisal," The Wall Street Journal, Oct. 9, 1972;Stock, Bonds, Bills, and Inflation 1996 Yearbook (Ibbotson Associates, Chicago, 1996), p. 39.

1953: Trading on the New York Stock Exchange comes to just 900,000 shares, the last day (so far, at least) on which total daily trading volume is less than 1 million shares.