Experts underestimated extent of market's rebound in 2003.(2004 Economic Outlook)

Investment News, January, 2004

Byline: Frederick P. Gabriel Jr. Few people predicted that 2003 would mark the triumphant return of the bull. In fact, of the 17 financial advisers, portfolio managers and other industry veterans interviewed by InvestmentNews in last year's economic-forecast issue, nearly all undershot the finish line of the major stock market indexes - some by rather hefty margins.

Soothsayers featured in last year's forecast story envisioned the Dow Jones Industrial Average ending the year at an average of 9,103.18. Meanwhile, the Standard & Poor's 500 stock index was expected to end the year at an average of 964.65 and the Nasdaq Composite Index at 1,501.06. In reality, 2003 exceeded most expectations, as is often the case with the first year of a bull...

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