Word: dowe
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...this NASDAQ tech talk about bottoms, sectors and valuation bubbles hasn't meant much to Dow investors lately, who have tended to save their big reactions for top-of-the-fold items that, say, a Fed chairman might worry about...
...Like the GDP. The Dow ran up 210 points on the simple news that in the third quarter, the economy cooled much faster than anybody expected, notching a 2.7 percent annual growth rate, the lowest since spring 1999. That's down from the torrid 5.6 percent in the second quarter and almost a full percentage point lower than what analysts had expected. For a change, it was the kind of surprise they like...
...that growing disquiet add the recurrence of warfare and terrorism in the Middle East last week. Result: a full-fledged panic on Wall Street. By the time the rout ended, the Dow Jones average had plunged 379 points on Thursday and the tech-heavy NASDAQ index stood at its lowest level of the year. Though both markets rebounded on Friday, that did little to dispel the underlying unease that the economy may be a Ford Explorer speeding along on Firestones...
...stock is down 48%, more even than during the 1987 crash, reports Salomon Smith Barney. Thanks to relative strength in more conservative stocks, broader market measures haven't been as devastated. Still, the Standard & Poor's 500 hit a new low Thursday, bringing its decline to 13%, and the Dow, while still above its spring low, was off 14% from its high nine months...
...retrospect, of course, 1990 was a great time to be loading up on stocks. Since a bear market ended late that year, the NASDAQ has risen 10-fold and the Dow more than fourfold. Whether the next decade will prove as profitable is an interesting question but one that, frankly, can't be answered. Long-term investors can take comfort in knowing that the overwhelming odds are for stocks to be higher a decade from now. But that doesn't help much in times like these, when all you really want to know is whether the bloodletting is nearly over...