Letters to the Editor
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It is worse than it looks
The Standard & Poor's 500-stock index, the basis for about half of the $1 trillion invested in U.S. index funds, finished at 1352.99 on Tuesday, below the 1362.80 it hit in April 1999.
This only looks like a lack of progress. In fact, it's a considerable decline because the dollar has lost a lot of value since 1999.