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...from the year before, instead of rising 7% as anticipated. For that transgression, Procter's shares were hammered, dropping $27 to $60 and shedding some $35 billion, or roughly a third of the company's market value. In the process, P&G helped drive down the already hurting Dow Jones industrial average 374 points...
Just saying yes has been a smart play. Up an unprecedented 86% last year, the index known for its high-tech and biotech wonders is up an additional 21% this year. It hit a new high Friday as the Dow struggled to stanch a 16% decline. The two market gauges have diverged dramatically all year, going in opposite directions on half of all trading days. Such an extreme divide has occurred only seven previous times in 30 years, according to Bianco Research, and in this case illustrates the extent to which investors are dumping old-economy stalwarts in favor...
...your eyes aren't failing you - there's bad news on Wall Street, and plenty of it. The Dow Jones industrial average took its fourth worst points plunge on Tuesday and dragged the heretofore unflappable NASDAQ index with it. The bad news began in the morning when Dow stalwart Procter and Gamble announced third-quarter earnings that will be 10 to 11 percent below last year's figures. The conglomerate's stock plummeted by nearly a third on the news, and the rest of the Dow quickly followed. "Psychologically, it's bad for the industrial stocks when...
...time trading was finished for the day, the Dow had plunged 3.7 percent, or nearly 400 points. The downward spiral was aided by the Street's current climate of uncertainty, courtesy of Alan Greenspan's repeated indications that he'll raise interest rates until the stock market bubble deflates. "Greenspan is targeting the NASDAQ, which is totally inflated with all those tech stocks," says Kadlec. "But unfortunately, the Dow is really being caught in the crossfire." But not even the NASDAQ went unscathed today. After surpassing 5,000 for the first time ever in Tuesday morning's trading, the tech...
...That's the inflation side of the picture; there's also danger of an economic downturn caused by a stock market reversal. "If there's a correction," says Baumohl, "all of a sudden these consumers would abruptly stop spending, and that could send us into a recession." While the Dow Jones dropped slightly on news of Greenspan's report, the tech-heavy NASDAQ saw steady gains throughout the morning and early afternoon - a trend at the heart of a problem for the Fed chairman. "These days the high-tech companies seem immune to interest rate hikes," notes Baumohl. "It makes...