Word: dow
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...First of all, they're beat. Wednesday and Thursday's were the third and fourth highest-volume sessions in NASDAQ history. In two days, investors ran off a cliff, bounced right back up, and then climbed a mountain. Dow and NASDAQ swung nearly 500 points each and plumbed lows not seen since spring. Alan Greenspan spoke about the economy (good news - he's convinced that everything he's done will work out fine) and most of the biggest names in tech stocks reported earnings...
...investors. The coast is not clear; the path is not known. With investors looking into a cloudy 2001 crystal ball, they're itchy and impressionable. Some days that means heart-stopping volatility; on Friday, volume remained robust and the buying was steady, pushing the NASDAQ up 64 and the Dow up 83 by closing time. But after this week, a lot of investors would still rather breathe into a paper bag than place any big bets on the direction of tech...
...this wasn't a bottom, there's something very bouncy down there. Pushed over a cliff by underwhelming earnings reports from components IBM and JP Morgan, the Dow plummeted 435 points to a nostalgic (March '99) level of 9654 before 10 a.m. Big Blue dropped 23 points, Morgan shed 18, the curbs were on, and panic...
...then, with little provocation except perhaps the shock of a solidly four-digit Dow, folks started buying. By noon, JP Morgan was only down a handful. IBM, well, IBM pretty much stayed down, but was a handful off its lows. And before you knew it, the Dow had stabilized, wavering between 100 and 150 in the red, and then spent the afternoon chugging back toward zero, re-clearing 10,000 along the way. (No milestone celebrations this time, though, and toward the end of the day's trading it was heading back down again...
...NASDAQ, meanwhile, was a practically a rock in these troubled times. On staggering volume of 2 million shares (this by 2:30), the tech index took a smaller version of the Dow's early dive but steadily regained ground throughout the day and by late afternoon was into the black. Credit Intel, Sun Microsystems (which flubbed and spit out a good earnings report a few hours early) and Microsoft for leading the charge...