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Article: Stocks may be up, but not all agree it's a bull market
- Article from:
- Chicago Sun-Times
- Article date:
- July 6, 2003
- Author:
CopyrightCopyright 2003 Chicago Sun-Times. (Hide copyright information)
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The bull market is back--at least according to some definitions of
the term.
Last week, the Standard & Poor's 500 index posted its best
quarterly gain since late 1998. Wall Street's three main gauges are
at their highest levels in a year. Investors are more upbeat that an
economic rebound, three years in coming, is now under way.
Still, the bull market label gives investors a false hope of
future, sustainable gains, according to experts.
Misleading the bull
"I've seen a concrete definition of a bear market as being down 20
percent, so for bull markets, you could say it means rising 20
percent," said Robert Shiller, a Yale economics professor and author
of Irrational Exuberance, which ...