Word: dow
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...Like them, he trusts his gut, takes risks and casts a wide net for advice. He'll need all he can get, because when he finally breaks his policy silence, he'll have to make the case for evicting a party that might as well change its name to Dow 10,000. "This has been the cotton-candy decade," says Bush's chief economic adviser, Larry Lindsey, taste-testing a theme last week. "It's mostly spin, all sweet and no sweat. Yes, people are happy, but...we've let Social Security stagnate, Medicare fester and our national defenses deteriorate...
...Dow 10,000 is so widely anticipated that the media have been writing about it for weeks--even though it's yet to happen. We've had our excuses. There was the dubious, theoretical 10,000, reached March 12 by adding individual peak prices for each component to come up with Dow 10,043. Never mind that at no point during the day was the average near that level. Then came the modestly credible intraday benchmark last Tuesday, when the Dow briefly traded at 10,002 based on actual prices before ending the day much lower. On Friday the Dow...
...have little doubt that the Dow will close above 10,000 soon, marking its first true breach of the landmark figure and spurring yet another round of news stories repeating what we've already heard: Dow 10,000 is perfectly meaningless, a number, nothing more. But it all seems like a lot of ink to spill over something that is nothing. In my view, the Number is a red alert to the smoke and mirrors that brought us so far so fast...
...stock market will not rocket higher or careen into a ditch just because the Dow notches a fifth digit. But Dow 10,000 is a critical plateau in that it will be the product of an extraordinary run. If the Dow had risen at its historical rate of 11% a year instead of its 24% average annual rise since 1994, it would now be nearing 6000, and we'd be years--not days--from popping the cork. No one can say when this period of outsized gains will end. But the same trends will not last forever...
During a 1996 speech at the American EnterpriseInstitute, a Washington-based think tank,Greenspan asked his audience whether stock marketgains might have been due to "irrationalexuberance." The next morning, markets tumbledworld-wide, with the Dow Jones industrial averagefalling 140 points before recovering...