Word: nasdaq
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...early afternoon, the Dow and NASDAQ were, if not exactly afire, nevertheless hovering above sea level on news that just a few weeks ago would have had them plumbing their depths all over again. What gives...
...know they can tumble. We've seen the carnage. We're afraid even to peek at our 401(k) statements. Despite last week's rally, the NASDAQ is still down more than 60% from its all-time high and off 14.4% this year. Slowing profits, lack of visibility beyond the next few months, and sympathy selling have scratched once Teflon-tough technology stocks like Cisco, Oracle and Intel. They're so cheap now, you can buy a dozen shares of each for less than the price of a laptop...
...Alan Greenspan couldn't have been pandering to Wall Street, because Wall Street was already finding its smile. After shrugging off Cisco's woes on Tuesday (and feeling pretty good about having done so), the Dow and the NASDAQ were already surging Wednesday on Street-beating earnings reports from Old and New Economy stocks alike - Intel, General Motors, J. P. Morgan Chase, and AOL Time Warner (parent empire of this writer - go stock options!). The rally, you see, was already...
...certainly got the most bang for his buck. With an earnings-based rally already on, the index charts all grew a near-vertical line at 10:50 a.m. when the news hit. Three hours later, the party was still going - the Dow was up over 400 points and the NASDAQ nearly 200, and traders were suddenly remembering the good old days, when tech stocks doubled right in front of your eyes...
After Cisco, bellwether of tech bellwethers, reported dire earnings news and direr layoffs Monday evening, NASDAQ-watchers cringed for another depressing sell-fest - but the markets shrugged it off. TIME personal finance columnist Daniel Kadlec looks around and sees the mood changing: When bad news no longer surprises, it's time for these markets to start climbing back uphill. At least until summer...