Stocks Today: Irrational Inexuberance Barron's Bob O'Brien says that with Friday's intraday decline, the S&P 500 has moved back to the level that it was trading at in December of 1996, making this the worst year in history. (Nov. 21) Stocks Today: Irrational Inexuberance Barron's Bob O'Brien says that with Friday's intraday decline, the S&P 500 has moved back to the level that it was trading at in December of 1996, making this the worst year in history. (Nov. 21) market bottom declines recession S&P 500 where is the bottom lack of capitualtion driving equities intraday decline