Word: dows
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After a Monday in which everyone with any real money on Wall Street sat on the curb and watched, the markets got up Tuesday, pulled into traffic, and started moving. By afternoon the Dow had picked up more than 150 points and the NASDAQ more than 30 - not even a rally, much less the start of that long-dreamed-of "summer rally," but still buying. Which means that somebody was optimistic about something...
...economic news is all it takes to rouse Wall Streeters from their morbid agnosticism, the Dow would have hit 36,000 back in March. These days, good news from Main Street is just plain good news. And Tuesday actually cooperated, if only in the wan, incremental proportions that is the best good news we get these days...
...What?s it all mean for stock prices? Probably not too much. Last week Wall Street spent a few days grasping at a rally (you know times are hard when PeopleSoft is a market-moving bellwether) and the rest of the week selling it off. (In the end, the Dow lost 150 points for the week; the NASDAQ broke about even.) The equities slingers are bouncing along the bottom and crying "summer rally" with every jolt, and hey - if they will it, it will come. But if it does, it won?t stay long, not without anything resembling profits...
...Nobody?s crying for Big Tobacco. The industry has long boasted legendary price elasticity - meaning smokers, when confronted with price increases, simply pay up - and cigarette makers have simply passed the extra costs on to consumers. Talk about a business model - Philip Morris was the best-performing Dow stock of 2000, gaining 90 percent, and reported 8 percent profits in the dismal-for-most second quarter...
...markets started Tuesday in quicksand and kept sinking steadily during the Fed chairman's testimony before the Senate Banking Committee, and wound up with the Dow shedding 183 points and NASDAQ 29 points. But you'd sell, too, in Lucent was practically running out of employees after cutting 20,000 more jobs, selling $2.75 billion worth of assets to raise cash and embarking on yet another desperate restructuring, if Amazon.com suddenly looked even less like it would ever make money, if manufacturing outfits like Alcoa, 3M and International Paper served up another painful reminder that inventories were nowhere near gone...