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...Pretty much all stocks are interest-rate-sensitive, and anything that pushes aggressive rate-cutting farther down the road is going to be bad news. The Dow is taking it harder because it's been doing reasonably well lately - the NASDAQ stayed pretty level because it's already sitting on a 52-week low, and there isn't much downside left...
Despite all this, Courtis believes the Dow may be on its way up. "The market is already looking across the valley," he said. "I think we may be in the beginning phases of what I call a stealth bull market." Much, of course, turns on interest rates, and the TIME economists called for a round of rate reductions for the U.S. in the first two quarters of this year. They got part of their wish, as Alan Greenspan's Federal Reserve cut the cost of borrowing by half a percentage point on Jan. 31. To keep the economy steady, though...
...Dow...
That may have helped for a while. Blue chips like AT&T, Boeing, IBM and Phillip Morris have seen their bottom lines boosted by pension income, according to a study by the benefits consulting firm Towers Perrin. The study found that in 1999 alone, companies in the Dow Jones industrial average saw their pension funds' income increase more than $1 billion--the same amount that accounted for pension expenses the year before...
Should we get our economic prognostications wrong this year, let Alan Greenspan be our alibi. The Fed Chairman, like everybody else, seems unsure of what to make of the U.S. economy. In mid-January, Greenspan sent the recently-revitalized Dow back into four-digit territory with just a few downbeat words about "significant risks" left in the economy...