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...these allusions to warfare were invoked not for physically treacherous circumstances, but, to many, events no less catastrophic. Capping off one of the most miserable weeks in financial history, the Dow and the Nasdaq fell sharply on Friday. The former lost five percent and the latter 10 percent of their respective values...
Never mind that the markets shrugged, then rallied. The Dow closed the week up 4.9%; the supercharged NASDAQ rose 3.4%. That may only strengthen Greenspan's resolve. To be sure, the economy has been dangerously robust the past couple of quarters. And the gross domestic product is expected to rise 4.1% this year, well ahead of the Fed's presumed "speed limit" of around 3.5%. The torrid growth rate is what Greenspan cites most often when justifying rate increases...
Last week, though, techies got a glimpse of the smoke and ashes to come. For a few retro days, Dow stocks soared as investors, perhaps sensing an imminent rush to the tech exit, sold all things dotcom. Just about everyone who wanted to got through the door--this time. But if you've made a bundle in NASDAQ stocks and are concerned about their increasing volatility, consider protecting what you've made. Here's how, starting with some basics and moving up the ladder...
Last week the Dow's blue chips soared, the tech-heavy NASDAQ followed its 5000-point close with a three-day fizzle, and the S&P 500 rose nearly 70 points. Market watching can be a harrowing sport, so we asked designers John Ryan ('96 Olympics' Izzy), Cookie Gluck (Chicago Bulls' Benny), Wong Doody (Seattle Sonics logo) and Street Characters (Arizona Cardinals' Big Red) to give the indexes their own mascots...
...mind Wall Street; Alan Greenspan wants Main Street to tone it down a bit. Greenspan issued another rate hike on Tuesday, a quarter-percent rise that brings the Fed's short-term interest rates to 6 percent - a five-year high. For a change, neither the NASDAQ nor the Dow flinched; traders have expected the hike for weeks. If Greenspan's plan works, the rate hike (and the two or three additional increases expected in coming months) will have a three-faceted impact on slowing consumer spending, aaccording to a plan outlined last month in the Fed chief's Humphrey...