SANTA MONICA, Calif, November 6, 1998 (PRIMEZONE) -- The value of the Wilshire 5000 Index once again surpassed 10,000 mark this past week, reversing the sharp, but apparently short, third quarter bear market. The broad-based Wilshire 5000 index, comprising all US headquartered NYSE, AMEX, and NASDAQ stocks, ended the day at 10,455 or $11.5 trillion. (Each Wilshire 5000 index point is worth more than $1.1 billion.)
At September 30, the Wilshire 5000 index had a 9,347 value, down 12.3%, or over $1.4 trillion, from its 10,664 value at June 30th. Today's close brings the market's recovery since September 30 to 11.9%, just short of the third quarter's 12.3% loss. Year-to-date, the market has gained 12.4%.
"That puts the market back on track to deliver the 10% to 15% annual returns that the stock market has historically delivered," noted Stephen Nesbitt, Senior Vice President at Wilshire Associates Inc., an investment firm that advises on over $1 trillion in assets worldwide. "What was so shocking this year was the market's volatility, which we haven't seen since the Gulf War and the 1987 October Crash. Investors have to realize that the anxiety we've been experiencing is the price they must pay for high long-term stock returns."
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