Here comes the Dow 36,000 talk again. After all, what’s a 150% rally between friends?
SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) closed at $143.15 a share on Thursday after rising to a new all-time high this week. [What Next After Dow Record?]
The Dow rising to 36,000 translates to a share price of $359.65 for the Dow ETF, known as DIAMONDS among traders.
James K. Glassman, co-author of the ill-timed 1999 book “Dow 36,000,” is out with a Bloomberg commentary this week saying that level is attainable again.
“One way stocks could jump to 36,000 quickly would be for fears to subside and P/E ratios to rise,” he wrote.
The Dow ETF holds about $11.2 billion in assets under management. Even without any inflows, a 150% rally would take the ETF to $28 billion in assets. Anything is possible, right?
SPDR Dow Jones Industrial Average ETF
