Word: dow
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...During a 1996 speech at the American Enterprise Institute, a Washington-based think tank, Greenspan asked his audience whether stock market gains might have been due to "irrational exuberance." The next morning, markets tumbled worldwide, with the Dow Jones industrial average falling 140 points before recovering...
...would leave hefty rewards for their children. They didn't. At what point, after how many new fortunes, can we proclaim the old paradigm of stock risk and bond reward as dead as the utilities-as-ultimate-wealth-generator theory? Judging by the feisty performance of the creaky old Dow, not to mention the rockin' nasdaq, shouldn't we call the financial-risk coroner come the millennium...
...comes up heads; you cannot conclude that the next flip will yield a head. And even if a fifth head is coming, it doesn't mean there is no risk of a tail--or a tailspin--eventually. I'd be more comfortable if we got to a 10,000 Dow over a longer period of time, during which earnings could catch up to prices. Probabilities have a nasty habit of reasserting themselves when you are most inured to their risk...
...Tell that to the people in the cafeteria, `The Dow Jones Industrial just went up. Aren't you happy?'" he said...
...have hit a historic low: -4% of gross domestic product, according to Hormats. "This private-sector deficit is enormous," he says. People feel flush enough, due to their soaring stock portfolios, to keep buying consumer goods on credit--the so-called "wealth effect." But a drop in the Dow Jones index or some other shock could quickly erase those paper gains and choke off the spending boom. So while the Clinton Administration is touting consumption-driven growth, Dresdner Bank's Ernst-Moritz Lipp is critical. "We shouldn't praise as an important development something that is due to an unsustainably...