Baltimore County

Dow Jones Industrial Average

The year of the bull [Editorial]

The year of the bull [Editorial]

By most statistical measures, 2013 will be remembered as a respectable but not great year for the U.S. economic recovery. The gross domestic product grew by about 2.5 percent, which was slightly better than the nation has seen since the end of the Great Recession, and the number of jobs grew by about 200,000 a month.

But you wouldn't know that on Wall Street, which just wrapped up a year that was anything but average. By any standard, it was a monster year for stocks, one of the best of all time and a surprise to all the investment doomsayers.

How good was it? The Standard & Poor's 500 stock index was up 29.6 percent. The Dow Jones Industrial Average wasn't far behind, and...