Word: dow
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...says TIME Asia correspondent John Colmley, "and the basis of the Hong Kong economy collapses." Even $85 billion may not be enough to defend it, he warns, if currency vultures like George Soros move in. So hang on to your seat belts: Messrs. Hang Seng and Dow Jones could be in for another one of their bumpy rides...
...such as Schwab, Discover and Waterhouse were inaccessible for much of Monday morning after receiving double or even triple their normal traffic, by the end of Turnaround Tuesday even E*Traders were better off than the thousands of furious investors who reached busy signals - instead of brokers - during the Dow's bullish backlash...
...YORK: After trading at record volume and posting record gains, the Dow closed up 337 points Tuesday, retracing more than 60 percent of yesterday's record-setting slide. It may have happened because America's biggest cash-holders took matters into their own hands. "A lot of people are saying that IBM chairman Lou Gerstner saved the market (with this morning's $3.5 billion stock buyback)" says Fortune Magazine's Nelson Schwartz, "And they might be right. Investors love it--it shows that the company has both confidence in its stock and a lot of cash, and it insures that...
...nice effect on a company's balance sheet as well: soon after CNBC reported that Intel had decided to join the buyback parade with a "major" stock repurchase, the stock had shot up ten points, and the Dow accelerated its own meteoric rise, quickly setting more records well over the 300-point mark. "Only in the U.S.," said Schwartz. "Business like IBM and Intel, like Microsoft, are sitting on such vast reserves of cash that they can exert this kind of boost on an entire market...
...Tuesday's record-setting stampede (an unprecedented 1 billion shares changed hands) may have cheated investors out of a real correction in a vastly overvalued market, and that the Dow is not done shivering yet. "This was a bad joke on the small investor," TIME Wall Street columnist Daniel Kadlec insisted. "It blindly reinforces the notion that buying on the dips is infallible--and that won't last forever. Today's rally was a reprieve, a second chance to shift your balance out of stocks somewhat because eventually, there will be a real correction...