Word: dows
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...product will grow less than 2% in 2001 - down from a blistering 5% last year - but they expect European Union economies to expand by roughly 2.6%, off only slightly from last year's 3.2%. But try telling that to investors: last week Europe's bourses fell right alongside the Dow and the NASDAQ. London's FTSE 100 index lost 6%, while the Paris cac 40 fell 5% and Frankfurt's dax closed down 7%. And that's to say nothing of all those faltering American-style "new markets...
...this tea-leaf reading, and no one knows for sure if we will actually get a recession. One thing we do know: stocks are in their worst rout in two decades. The Dow's all-time high of 11,723 came on Jan. 14, 2000, and it has since fallen 16%. That's nothing compared with the 25% decline since last March in the more tech-exposed S&P 500. The tech-laden NASDAQ has plunged 63% since its peak a year ago, the worst drubbing for a major stock index since the Depression...
Most alarming last week was that the Dow, which had been weathering this typhoon rather well, took the biggest hit--falling 821 points, or 8%. If the selling spreads, Philip Morris and other recent gainers may be the next to tumble as worried investors take winning chips off the table...
Since 1921, in 13 cases in which rates were cut swiftly three times in a row, the Dow has been higher one year after the third cut on 12 occasions. A cut this week would be the third this go-round. The median gain in the 13 cases was 25%, according to Ned Davis Research. The NASDAQ, which came into being in 1971, has never been negative a year after a third consecutive rate cut, and its gains have also been impressive...
...NASDAQ soared 46%; Biggs lost credibility. He recalls a public debate with James Glassman, author of Dow 36,000, during which the audience let out incredulous guffaws when Biggs asserted that air conditioning was a more important invention than the Internet. A vote after the debate was "200 to 2 against me, and one of those votes was my wife," Biggs quips...