Word: bulls
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Sure it was fun in the bull-market '90s. But after Wall Street's recent plunges, who would want to ring the opening or closing bell at the New York Stock Exchange? Everyone, it turns out. Especially since Sept. 11, as heads of state and celebs troop to ground zero and want to stop by, requests to be a bell ringer are up. The N.Y.S.E.'s Bob Zito, who filters the requests, says the first five months of 2002 are almost booked. As a courtesy, Zito will call the volunteers on a bad market day to let them...
...they didn't. This market is not only rallying on good news, it seems to be rallying on the good news of its own rally. Which is not the strongest foundation for a bull to stand on. Yes, the recovery will come. Recoveries always come eventually, just like recessions always come eventually, and we'll probably catch some glimpse of it, at least anecdotally, by spring. That doesn't mean it will be the recovery that Wall Street has clearly begun to envision: business-led, consumer-financed and - most importantly - right around the corner...
...next six to nine months as consumers and businesses resume spending. The stock market too tends to rise ahead of the economy; led by cyclical stocks like Alcoa and DuPont, the Dow is up 21%, closing last week at 9960, a decisive shift that qualifies as a new bull market...
Perversely, investors figure that a large-scale disaster was just what many of the big insurers needed. Investment gains during the '90s bull market pumped up insurance companies' reserves, which meant that firms jockeying for market share could safely charge lower premiums. But low prices also put the squeeze on the industry's profits. Now that companies are being forced to pay out much of the money they've set aside - some will pay up to $2 billion in claims - that era of cutthroat competition is over...
...their first metal detectors have found themselves at the end of long waiting lists. And high-tech gizmos that three months ago might have appealed only to the truly paranoid now look like sensible precautions. Here are a few of the technologies poised to benefit from the new bull market in fear...