...The economy was in a recession -- albeit one that wasn't declared until it was already over -- and worries about Iraqi dictator Saddam Hussein's aggression in the Persian Gulf ran high. The industrial average fell all the way back to 2365.10 in October. Investors saw eerie reminders of 1966, when the Dow industrials broke 1000 intraday, only to take six years before they pierced that level at the closing bell.
Finally, in the spring of 1991, after the U.S. had overwhelmingly vanquished Saddam Hussein's forces and the recession (still undeclared) was over, the industrial average rallied and broke the 3000 barrier, closing at 3004.46. The date was April 17, 1991, a little more than four years after the 2000 barrier fell. By contrast, it took the average 14 years to get from 1000 to 2000 (a larger percentage move).
George Bush, who had presided over the Gulf War against Mr. Hussein's forces, was president when the milestone was reached. But the economic weakness of 1990 and early 1991, among other things, weakened his standing with the electorate and he lost the 1992 presidential election to Bill Clinton....
