U.S. Bull Market Turns Seven, Russian Oil and the Global Economic Recovery
* Seven years ago today, at the depths of the financial crisis, the Dow Jones Industrial Average closed at 6,547.05. Yesterday the Dow closed at 16,964.10, 159% higher than the financial crisis low on March 9, 2009. (click image for larger size)
* Even with oil prices slumping, Russia’s oil output has risen to the highest level since the Soviet Union era. Bloomberg
* A managing director at the International Monetary Fund called on the advanced economies to “step up to the plate.” Stating the “global economic recovery continues, but we are clearly at a delicate juncture” and “now is the time to decisively support economic activity and put the global economy on a sounder footing.”