2007 was not a fun year for many investors. The stock market wasn't just volatile, it was downright manic, swooning between euphoric highs and cataclysmic depressions in the blink of an eye.Stocks took frequent and at times unjustified beatings as investors fretted about everything from the subprime mortgage crisis to political instability in the Middle East. Nonetheless, the major indices ended the year on a positive note, which indicates that at least some people on Wall Street, including Warren Buffett, see reason for optimism.
For example, the S&P 500 Index ended this year up 3.5%, which should give millions of index fund investors reason to celebrate in their own quiet, conservative way. The big winners were energy companies, which according to Bloomberg News, gained 34% as a group. National-Oilwell Varco Inc. (NYSE: NOV), the biggest oilfield services company, surged 143% through December 28, the most of any company in the index, Bloomberg says, adding that the biggest loser was Countrywide Financial Corp. (NYSE: CFC), not surprisingly.
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