It would take 6 1/2 years for the Dow to get to the next milestone of 12,000. In percentage terms, it managed to gain only 8.3 percent from 1999 to 2006. The bull market of the ‘80s and ‘90s was built on a business expansion. The era ended with the tech-bubble burst, and fear over what part of that giant market jump was fiction. The Nasdaq’s 500 percent rally at the close of the decade was erased in two years as its index dropped from 5,000 to 1,000. The Dow declined, dropping below 8,000. The excesses of the tech bubble were gone. But there was excess to come.
The housing bubble