Word: nasdaq
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Dates: during 2000-2009
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...First case in point: Thursday. In the morning Greenspan, along with encouraging corporate words from Nokia and Siebel, put the Dow on a 100-point rally that was spreading nicely across the indexes. But by afternoon the nibblers had done their work and the Dow and NASDAQ had given back half the day's gains; another run-up had run out of steam...
...Second case in point: the month of January. The brave new year started out gangbusters, with the Dow opening Jan. 2 at 10021 and the NASDAQ at 1979 and closing the holiday-shortened week three days later at 10259 for the industrials and 2059 for the techs, respectively. Those were gains in the 10-20 percent range, gains that had the pundits gleefully talking about "the January effect" and noting how good starts, historically, make for good years...
...opened that week at 10261 and closed it at 9987 - goodbye, 20 percent - and the NASDAQ, after opening at 2037, puttered along until it was lucky to close at 2022. Two weeks later, the Dow is now twitching ineffectually in the 9700 range, the NASDAQ's idling in the 1900 range, and while sporadic big selloffs like Tuesday's 200-pointer aren't snowballing yet, there never seem to be as many buyers on the way back up as there were sellers on the way down...
...with "an improved degree of resiliency, flexibility and adaptability" driven by information technology and unbound by globalization and deregulation. "To be sure, a great deal of real economic pain has been felt over the past year and a half," he said. But for the economy to have weathered the NASDAQ crash of 2000 and the terrorist attacks of Sept. 11 "as well as it has is truly impressive...
...problems, same fears. And a hangover to boot. The stock market, anticipatory beast that it is, has already started to put on the brakes; having regained 10,000 (a few times) in the past two weeks, the Dow seems positively allergic to the air at 11,000, and the NASDAQ, despite a 3-day rally to close the week, hasn't even been able to hang on to the 2,000 mark. Yes, the economic bottom is in, which means the indexes shouldn't see much in the way of big selloffs for a while, but this optimistic bottom...