Word: nasdaq
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...Macy's and Bloomingdale's fame, said December sales would fall short of its original forecasts, and the forecasts weren't that high to start with. Specialty stores like Gap and Banana Republic are disappointed. And if you want to know what PC sales have been like, check the NASDAQ...
...luck would have it, Newby launched the market's first genomics fund (symbol: GENEX) in March, only a few weeks before the NASDAQ--led by high-flying Celera--got hammered...
...Compaq became the latest tech titans to blame poor earnings on a slowing home-PC market. Consumer sentiment about the economy, as measured by the University of Michigan, is at a three-year low. Given the drubbing on Wall Street this year, that's not surprising. As the NASDAQ soared in the past few years, the market created a so-called wealth effect, emboldening people to throw money around freely. That was before $2 trillion of their equity was wiped out this year...
When Alan Greenspan merely suggested that he was open to the idea of cutting interest rates a couple of weeks ago, the stock market went wild: the Dow posted its third biggest single-day point gain; the tech-laden NASDAQ truly soared, rising a record 10.5%. Deep into a bear market, was Greenspan trying to stanch the slide...
...ordinary economy, and one in an old-fashioned business-cycle global downturn at that. Tech has not been around to prop up America this fall, and so the rest of the world is sinking too. Rate cuts are coming in the spring - maybe sooner - but the NASDAQ is drowning in its own dashed expectations. Greenspan won't be able to save it until it saves itself...