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...land where "better, faster, cooler" products are a national obsession. But frankly, the Japanese are not enjoying the financial ride they are on at this moment. Since the start of the year, Japan's Nikkei index has gone up nearly 30%. (In the U.S., the Dow has risen 19%.) The country's economy, which had been given up for dead by most of the world's leading economists, astonished analysts with a first-quarter annualized growth rate--nearly 8%--that is almost three times what the U.S. will likely manage in this fairly sizzling year. And global investors, feeling some...
...like Ford into world-class competitors. Ever since the Meiji era, when the nation ended centuries of isolation, Japan has proved expert at adopting American ideas to its own revolutionary needs. In the eyes of investors, at least, that would suggest that the Nikkei may indeed be the next Dow...
Wall Street just remembered that to get rich, you?ve still got to sell once in a while. After watching the Dow and NASDAQ spend the past three weeks wafting in record territory, and hearing this week?s good-news, bad-news earnings reports - such as Microsoft?s, which combined Street-beating earnings with oblique forecasts of Y2K headaches - investors evidently figured Tuesday was as good a time as any. "This was profit-taking, pure and simple," says TIME Wall Street columnist Dan Kadlec of the three bears (the Dow shed 191, the Nasdaq...
Moved PermanentlyMoved PermanentlyFortune Investor DataAfter a jittery morning of anticipation, the markets heard "neutral bias" and bolted. The Dow went from 44 points down to 74 up in less than a minute. Bond yields momentarily dipped below 6 percent for the first time in weeks. An extended rally ?- given the strong correlation between consumers and the value of their portfolios ?- could of course set off the very overheat that Greenspan is so worried about. But the indexes are short-sighted, emotional creatures, and Wednesday the emotion was relief. "The uncertainty is over, and Greenspan clearly is done raising...
Alan Greenspan, party pooper, is back on the job. The morning after the Dow and NASDAQ each threw triple-digit shindigs over May?s sleeping-dog inflation number, the Fed chairman told Congress ?- and, of course, the intently listening markets ?- to keep the music down just a little bit. "When we can be preemptive, we should be, because modest preemptive actions can obviate the need of more drastic actions at a later date that could destabilize the economy," he told the Joint Economic Committee. Folks, that?s as clear as the man gets without actually saying it: The Fed will...