While that number may be pleasing to the buyers of stocks in much of 2018, longer term holders will note with interest that the close on July 31 is lower than the close on January 31 and significantly lower than the all-time high reached on January 26, 2018 (26.616.71). It is 1201.52 points lower than that January 26 close, or nearly four percent off the high point.
Five percent may not sound like much, but, in the perspective of a six month time frame, it's impact become clearer. From February to June, stocks languished in what could be seen as equity limbo. They were worth less than they were in January and still are.
In real terms, a $100,000 portfolio in January would be worth about $95,000 today. Optimists might see the glass as half full, adding that the very same January $100,000 portfolio was worth only about $90,000, when the Dow bottomed out at 23,533.20, on March 23, a dip of more than 10% from the all-time high.
Year-to-date, the Dow has gained 695.97 points, or, less than three percent. In monthly terms, that's a gain of less than one-half of one percent. Nobody's calling their mother to tell her how great they're doing in the market. Neither is anybody crying in their beer over any loss.
Stocks, and the global economy, remain at a significant crossroads.
Dow Jones Industrial Average July Scorecard:
| Date | Close | Gain/Loss | Cum. G/L |
| 7/2/18 | 24,307.18 | +35.77 | +35.77 |
| 7/3/18 | 24,174.82 | -132.36 | -96.59 |
| 7/5/18 | 24,345.44 | +181.92 | +85.33 |
| 7/6/18 | 24,456.48 | +99.74 | +185.07 |
| 7/9/18 | 24,776.59 | +320.11 | +505.18 |
| 7/10/18 | 24,919.66 | +143.07 | +648.25 |
| 7/11/18 | 24,700.45 | -219.21 | +429.04 |
| 7/12/18 | 24,924.89 | +224.44 | +653.48 |
| 7/13/18 | 25,019.41 | +94.52 | +748.00 |
| 7/16/18 | 25,064.36 | +44.95 | +792.95 |
| 7/17/18 | 25,119.89 | +55.53 | +848.48 |
| 7/18/18 | 25,199.29 | +79.40 | +927.88 |
| 7/19/18 | 25,064.50 | -134.79 | +793.09 |
| 7/20/18 | 25,058.12 | -6.38 | +786.71 |
| 7/23/18 | 25,044.29 | -13.83 | +772.88 |
| 7/24/18 | 25,241.94 | +197.65 | +970.53 |
| 7/25/18 | 25,414.10 | +172.16 | +1142.69 |
| 7/26/18 | 25,527.07 | +112.97 | +1255.66 |
| 7/27/18 | 25,451.06 | -76.01 | +1179.65 |
| 7/30/18 | 25,306.83 | -144.23 | +1035.42 |
| 7/31/18 | 25,415.19 | +108.36 | +1143.78 |
At the Close, Tuesday, July 31, 2018:
Dow Jones Industrial Average: 25,415.19, +108.36 (+0.43%)
NASDAQ: 7,671.79, +41.78 (+0.55%)
S&P 500: 2,816.29, +13.69 (+0.49%)
NYSE Composite: 12,963.28, +59.85 (+0.46%)
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