Word: nasdaq
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Dates: during 2000-2009
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...Dot.com closings get a lot of attention, but they don't affect the way people use the web. A recent Pew survey showed that only 8% of web users say a favorite site of theirs has bit the dust. And a report by Forester research says that despite the Nasdaq swan dive and the VC drought, people spent $45 billion online last year, and they predict that figure will reach $75 billion this year. By my calculation, that's $75 billion more than was spent on the Internet, oh, ten years...
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...
...wound up notching 120 points. But don?t get used to it. Wall Street has lately begun to crow about this being "the bottom," and they may have a point. After racking up its worst July in a long, long while, NASDAQ still hasn?t budged since April and seems to have settled in around 2,000. The Dow may be doing the same thing somewhere in the 10,500 range. But bottoms don?t change into bounces just because they?re been at bottom for a few months - the whole decade of the '70s was a bottom, practically...
...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 or even incipient demand pushing up on the charts...
...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...