Dow Will Hit 36,000, Er, Sometime

'I just can't tell you when,' says Dow 36,000 author
By Amelia Atlas,  Newser User
Posted Mar 8, 2009 5:54 AM CDT
Investors' despair about the recession has brought the Dow Jones industrial average to its first drop below 7,000 in more than 11 years.    (AP Photo/Richard Drew)
camera-icon View 3 more images

(Newser) – The author of the book Dow 36,000—which predicted massive stock market growthstill believes the market will hit that astronomically high number—but he's not saying when. OK, maybe a "calmer title might have been better," for his 1999 tome, James K. Glassman conceded in a Washington Post interview.

Glassman is unapologetic to people "creamed" by his investment advice, and notes that "people should be in stocks for the long term." He does have one regret—he predicted that the Dow would reach 36,000 in no more than five years, which passed in 2004. He still stands by the number, "but I'm not going to tell you what date," he said.