For the Dow, the 1,000 mark was the cruelest. The market closed within five points of that level in 1966 and fell back. Traders celebrated like Mad Men when the Nifty-50 rally of the ‘60s finally hit the mark in 1967. The celebration was short-lived, however, and the failure to hold the level was a bad omen. The market declined steadily amid high inflation, oil embargoes, and rising interest rates. Equities were mired in a bear market that lasted 15 years.
The outlook turns even bleaker