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...finally cutting into home sales, rate-hike-weary investors got more good news Friday: Orders for durable goods like refrigerators and airplanes, which tend to rise when people are feeling wealthy enough for big-ticket purchases, dropped precipitously in April, with savings on the rise. Investors' message to the Fed: OK, Alan, you can stop...
...union-heavy Ohio Nader has higher favorability than Bush or Gore. The Gore camp isn't panicking yet, but as Tumulty says, "in a close race, in key states, Nader could make a difference, especially if the union vote gets excited about him." Or if they just get fed up enough with lockstepping with New Democrats to sit out November on the couch. As AFL-CIO president John Sweeney said of the Dems' big bash last night: "Under the circumstance, it's not appropriate to attend...
Once upon a time in March, when the NASDAQ hit its record high of 5048 points, tech investors were seen all over Wall Street's bars and restaurants, hoisting microbrews and declaring they couldn't be bothered with the insipid Fed-watching that had gripped their Old Economy brethren ever since "irrational exuberance." We're betting on the future, they said, and the future is always bright for geeks. Now, two months and a staggering 37 percent later, NASDAQ is the wisp in the Fed's wind. Tuesday, week-old worries about another interest rate raise in the wake...
...there are the fundamentals, which were never the tech sector's strong suit anyway. "When rates go up, companies don't have as much money to invest in new technology. That cuts into tech firms' sales, which makes those P/E ratios look even worse." In any case, whenever a Fed chairman can't stop the economy, trouble is definitely in the wind. And now that investors have glimpsed the tech sector's mortality, and read the news articles about venture capitalists turning off the money - and seen venerable Cisco Systems mired in the low 50s - trouble from the Fed...
...While volatility may be the order of the day until the market has a clearer idea of just how high the Fed plans to go at its June meeting, there may be a silver lining for investors in Greenspan's desire to get the job done quickly. "The need to ensure a smooth landing rather than bring the economy crashing to a halt means that the Fed will want to make any increase in June their last for the year," says Baumohl. "It wouldn?t be at all surprising if, once it absorbed that increase, the market shows a healthy...