While this week the Dow Jones Industrial Average dipped below 7,000 and reached a 12-year low, such a measure is actually very rare.
According to Thomas Lee, US Equity Strategy at JPMorgan,
"Believe or not, retracing 12-year lows for the Dow is an incredibly rare event. Besides the retest of 1997 lows seen on Monday, this has only happened two other times, on April 8, 1932, and December 6, 1974."
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