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...Open Market Committee] did not take action today," the Fed said afterward, "the committee was concerned about the potential for a buildup of inflationary imbalances that could undermine the favorable performance of the economy." Though they couldn't have been surprised, stock marketeers did gulp a little, sending the Dow down 50 points or so after the afternoon announcement. By the end of trading, the Dow had slipped by just over 16 points...
This turnabout points up a broad trend in the market. Dare I say it? New-economy firms are out of favor. Since March 31, the smokestack-vintage Dow Jones industrial average has risen 1,000 points, while the tech-laden nasdaq has gone flatter than steel slab. In that period aluminum maker Alcoa rose a shiny 55% and joined heavy industrials such as 3M and Phelps-Dodge in posting heady gains. Tech wonders, including Cisco, Microsoft and Intel, floundered...
Alan Greenspan is hard enough to understand after he speaks; no wonder that on a Monday sandwiched between an inflation scare and a Fed meeting, the markets were a little queasy. The Dow began slipping steadily at the opening bell, before coming back to a 60-point loss by the close, a middling sell-off predicated on something like general unease. "It's really just uncertainty," says TIME senior economics correspondent Bernard Baumohl. "People are thinking about inflation again, and bond yields are very high -? which makes them suddenly look like a reasonable alternative to stocks if the Fed does...
...Black Monday, but after Wall Street's market movers get through stewing in their juices this weekend, expect something like charcoal gray. The Consumer Price Index was way up Friday -- the 0.7 percent hike was the biggest since the Gulf War -- and by close of day the Dow had shed 194 points. Now investors have two days to read the papers, look ahead to the Fed's interest-rate confab Tuesday and wonder: Is the best news on inflation behind us? And more important, does Alan Greenspan think...
...NATO's ongoing war in Kosovo, which is sucking down fuel like lemonade in summertime. But Baumohl says the markets are jumping the gun -- and are just plain jumpy. "There'll be uncertainty and sell-offs until the Fed announces on Tuesday," he says. "But after that, the Dow will go right back to setting records." That may be the only kind of inflation you really have to worry about...