In the process, experts say, some important changes have left their imprint on the Dow. Stock ownership by individuals rose sharply, much of it as investors poured money into mutual funds. Technology and the Internet have changed the trading environment. Broker commissions are sharply lower as individuals can now trade online from their own computers. And as more investors entered the market, stock prices were driven sharply higher.
Global markets are more interconnected.
If Japan's Nikkei index declines sharply, financial experts in the United States sometimes brace for more of the same locally. In the last 10 years, the global aspect has become more important. Meanwhile, speculation abounds about when the next bear market will arrive. A bear market occurs when the Dow drops 20 percent or more from its peak for a prolonged time. But in many respects, observers say, the market already is feeling some powerful bear hugs.