2003 was a good year for equity markets. As the year ended, all the major stock indices held close to their 52-week highs.

On Wall Street, the Dow Jones industrial average finished the year at 10,453.92, up 25.3% from the start of 2003. The tech-heavy Nasdaq composite index closed at 2,003.37, up 50%.

The broadly based S&P 500 climbed 26.4% during the year to close at 1,111.92.

On Bay Street, Canadian markets fared equally well in 2003. The S&P/TSX composite index reached 8,220.89 at year-end, rising 24% in the year.

The benchmark index had slipped by 14% in both 2001 and 2002.

All 10 of the index’s subgroups rose during 2003, led by technology up 67%.

The junior S&P/TSX Venture composite index rocketed ahead 62% to finish 2003 at 1,751.28.

Overseas, Japan’s Nikkei 225-stock average also pulled up this year for the first time since 1999, rising by 24.5%, while the German DAX finished the year up 37% and the Hong Kong Hang Seng rose by 32%.In comparison, London’s FTSE 100 index rose by only 14% in 2003.

As for the coming year, 2004 is an election year in the United States and that augurs well for a robust economy and happy voters.