Word: dows
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Dates: during 1990-1999
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Tuesday was the day we finally said good-bye to the old Wall Street. In the morning, the Dow Jones Company announced it was dumping four underperforming stocks from its Industrial Average in favor of four darlings of the new economy. Out were old-school companies Sears, Goodyear, Chevron and Union Carbide. In their place the 30-company index added Intel, Microsoft, SBC Communications and Home Depot. If nothing else, adding four high-flying stocks will be good medicine for an index mired for the past month in the Dow-drums...
...came quickly indeed. Investors spotted the doubling of the PPI on Friday morning and sold stocks like so many hot potatoes. The Dow shed over 200 points in oh, the first 15 minutesof trading after the bell, with the NASDAQ following suit. But an hour later, the sell-off had screeched to a halt. Despite Greenspan's hint, says Baumohl, investors had overreacted again. "That producer-price number is probably more of a spike than a trend. Oil prices have probably peaked, and gains in productivity will probably help companies absorb this increase rather than passing it on to consumers...
...headed for a tepid autumn overall as Y2K uncertainties loom larger and larger. But the Fed chairman also knows how this market loves to panic about numbers, and he wants everybody to just calm down. By late afternoon the Street had ignored him all over again, and a deadened Dow had finished its worst week in recent memory by briefly dipping below 10,000 before settling in at 10,019. At this rate, the CPI had better be sparkling...
Glassman and Hassett are a different breed. They predict that the Dow will go to 36,000 in short order, gaining something like 35% a year for the next four years. Now there's a thin bough. They believe investors are revaluing stocks to a permanently higher plateau. It's a fun argument but boils down to familiar ground: diversified portfolios are superior and safe if held for long periods. A growing awareness of that idea is bringing more investors into the market at ever higher prices, inflating the average stock's price-to-earnings multiple from...
...sitting tight when the market turns choppy or goes flat for years. But here's my prediction, and you don't even have to buy my book: short-term risk will become more apparent in coming years, keeping a lot of money out of the market and the Dow below 36,000 long after this year's freshman class joins the work force...