DOW - Pandemic Lows Versus Recession LowsIf just the threat of a pandemic can drop the DOW to 19173 in less than one month over 2 years ago, you might assume that an actual recession caused by real rising rates and true inflation, should bring the DOW back to these pandemic low levels or potentially lower. That is a drop of another 35% for the DOW and much lower for expensive stocks or stocks with very high P/Es.