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The historical growth of stocks Through good times and bad, the stock market has moved upward, although there have

1997 - Financial Crisis in SE Asia

been peaks and valleys along the way. $ 10,000

1991 - Recession Ends; Gulf War; USSR splits

1999 - Y2K Concerns

1980 - Prime Rate Hits 21%; Recession Begins

$ 1,000

1998 - Russian Currency crisis

1992 - Fed Cuts Discount Rate to 3%

1989 - Friday the 13th Market Plunge; Berlin Wall Comes Down

1987 - Stock Market Crash - Biggest one-day decline

1973 - Vietnam Agreement; Arab Oil Embargo

1958 - Khrushchev Named Premier

1974 - Nixon Resigns

1963 - Kennedy Assassinated

1941 - Pearl Harbor/U.S. Declares War

1961 - U.S. - Cuba Break

1929 - Stock Market Crash

$ 100

$ 10

3

1950 - Troops Sent to Korea

$1

1933 - Bottom of Great Crash (Dow Jones at 41.22)

$0

1995

1985

1975

1965

1955

1945

1935

1925

Figure 1.1 Hypothetical value of $1 invest at year-end 1925 has grown to $2587 by year-end 2000; assumes rein- vestment of income and no transaction costs or taxes. This is for illustrative purposes only and not indicative of

any investment. Past performance is no guarantee of future results. Source: S&P 500, which is an unmanaged index group of securities and considered to be representative of the stock market in general, and American Express Funds.

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