Indeed, even on 10 March 2000 one analyst said: 'A lot of people are tired of hearing about the new economy versus the old economy'.Īt the time, the Nasdaq had risen 24% since the end of 1999 while the Dow Jones index of leading industrial shares had fallen 13%.Īnd the analyst, who was with Prudential Securities, was convinced the Nasdaq would smash through the 6,000-level within 12 to 18 months.