Well, that was fun.The Nasdaq-100 had its worst percentage drop of the year so far on Thursday. And what was the cause? It's hard to say since everything that was the "cause" yesterday could've been the cause of a crash any other day this year, as the market has kept heading toward all time highs:
- The oil price spike
- Fear of conflict with Iran
- Fear the Fed will go too far
- Fear the expansion has come to an end
- Fear the housing bubble will burst
- After-tax corporate profits have exploded to almost $1.1 trillion at the end of 2005 from $727 billion in the first quarter of 2003, an increase of 46%.
- Dividends have proliferated, rising to more than $200 billion today from an annual rate of $149 billion in early 2003.
- 5 million new jobs have been created.