Word: nasdaq
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...less than 2% in 2001 - down from a blistering 5% last year - but they expect European Union economies to expand by roughly 2.6%, off only slightly from last year's 3.2%. But try telling that to investors: last week Europe's bourses fell right alongside the Dow and the NASDAQ. London's FTSE 100 index lost 6%, while the Paris cac 40 fell 5% and Frankfurt's dax closed down 7%. And that's to say nothing of all those faltering American-style "new markets...
...case scenario. The conventional wisdom holds that any decline should be less severe in Europe than in the U.S. simply because Europeans haven't relied as much on the stock market. They haven't watched a big portion of their net worth go up in flames along with the NASDAQ, so they still have money to spend and invest. But perception is important here, too. "Equity markets are seen as the bellwether of economic vitality," says Parker of the Royal Bank of Scotland. It's just possible, he warns, that with the U.S. and Japanese economies in real doubt...
...sucked money into the Japanese stock market, which soared 300% from 1985 to 1990. Treasury Secretary Robert Rubin's strong-dollar stewardship did much the same for the U.S. stock market in the 1990s. The boom was characterized in Japan by inflated land prices, in the U.S. by the NASDAQ. Japan in its heyday, and the U.S. in its later boom, both experienced huge boosts in worker productivity, high growth and low inflation. Japan's manufacturing and management prowess were held up as a new model; in the U.S., technology was the salvation. Both countries were thought...
...their worst rout in two decades. The Dow's all-time high of 11,723 came on Jan. 14, 2000, and it has since fallen 16%. That's nothing compared with the 25% decline since last March in the more tech-exposed S&P 500. The tech-laden NASDAQ has plunged 63% since its peak a year ago, the worst drubbing for a major stock index since the Depression...
...lost was the casino's money. Still, it's causing consumers to pull back somewhat. Retail sales went negative in February, a third drop in five months. Consumer confidence is at more than a four-year low. Any further market losses could multiply the gloom exponentially because, with the NASDAQ at a 2 1/2-year low, the casino's money is about gone. The next dollar lost for many will be money earned at work, not in the market...