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Though it had been scheduled earlier, the Dec. 18 dinner was the turning point for U.S. policymakers. Japanese markets had dipped nearly 6% overnight, and the Dow Jones industrial average had dropped more than 100 points. Fears were spreading that an Asian recession would shrink earnings of American companies and halt the U.S. economy's remarkable and long-running growth. Just that morning, South Korea's foreign-exchange reserves had fallen to less than $10 billion. Default was about 10 days away...
...only six days of trading, 1998 already has the look of a nightmare. The Dow and Nasdaq each posted 20 percent gains last year; today's selloff left them both down close to 5 percent. Broader measures are right in step. The question for investors is this: When will the hot potatoes turn into bargains...
Exodus On Wall Street If you thought today's 220-point Dow drop was nasty, just wait until Monday when the corporate earnings season begins. Dare we say Bear...
...Labor-force participation has also improved: the proportion of working-age people with jobs is the highest ever recorded. Wage stagnation seems to be ending: earnings have risen more than 4% in the past 12 months, which is the greatest gain in 20 years when adjusted for inflation. The Dow is at 7756, more than doubling in three years, and corporate profits are at their highest level ever. Yet inflation is a negligible 2%, and even the dour Fed Chairman Alan Greenspan seems confident enough in the new economy to keep interest rates...
...tech stocks are, and investors may not get whole for a while. It's worth noting, though, that even with its recent 30% decline, Intel's shares are up fourfold in three years. Tech stocks, on average, have risen about twice as fast as the Dow Jones industrial average since June 1994. That pace was unsustainable no matter how much Grove and company may change the world...