Word: bullishness
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...Wouldn't be any worse? O happy day! Throw in some Street-beating numbers from Alcoa (for the Dow) and some bullish chatter - by analysts on Yahoo and eBay, and by Fed governors about the U.S.' chances of dodging a recession - and the market party was on. Both the Dow and the NASDAQ shot up early and stayed up late, and by day's end the industrials and techs had notched gains of 402 and 146, respectively. (That's 8.9 percent for the currently microscopic NASDAQ, by the way, its third-biggest percentage gain ever...
...that it's a rally, exactly - even those modest gains were eroding as noon approached - but clearly something happened besides Alan Greenspan's bullish comments on free trade before the Senate (although a brief mention of the slowdown, with no bearish comments along with it, may have played a tiny part). TIME investing columnist Dan Kadlec has a few ideas...
Suddenly, the RIAA is bullish on online music...
Even tech-battered Wall Street analysts are bullish on handhelds. No matter that Palm, Handspring and the Canadian firm Research in Motion are trading at 52-week lows. "These stocks have gotten unnecessarily beaten down," argues Thomas Sepenzis, mobile-Internet analyst at investment bank CIBC. "When people stop panicking, they'll go, 'Oh, gee, what should I buy?' and these stocks will be some of the first to go back up." Within a year, he expects Palm shares to as much as quadruple from last week...
Investors wanted the stock so badly they bid it up to $239 in a day. Bullish analyst reports came in weeks later, and guess what? The stock fell steadily. It's now under $4. That pattern was not unusual. It suggests that the only thing investors were paying attention to was their dreams. And that's the best disguise of all, really. You tell yourself instant wealth makes sense; it's your turn to hit the lottery. But of course we can't all hit the lottery together. In the end a dream is exactly that, whether there...