Word: nasdaq
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Since 1995, the Yankee roster has been as volatile as the NASDAQ and as endearing as a presidential convention...
...Suddenly everybody's a tech-stock bargain hunter as investors decided Tuesday they'd had enough of the blues and bought the NASDAQ up 177 points by the close. Cisco cleared its personal floor of $50 again, Oracle hit $34, and dot-commers Expedia and eToys got a few bonus points for losing less money than everybody expected. Is this the floor of floors...
...that the end of October - traditionally the month of earnings news, tax-loss selling by mutual funds and bottoms (not a coincidence) - a Dow afire for three straight sessions and an election about to conclude, and we've got indications that the 3,000 milestone may belong in NASDAQ's rearview mirror...
...feeling rosy about the interest-rate picture after Friday's soft-landing-esque GDP number (and 200-point attendant rally), and finding that the Old Economy giants may have some rallying in them in this uncertain fall season, investors goosed the Dow up 244 points Monday while pushing the NASDAQ down 86. This may be what the Treasury-bill folks call a "flight to quality...
...bargain. The index closed Monday at 10,835, and for the near term could be on its way up. Sure, oil prices loom, the euro drags, the Middle East smolders, and the word "stagflation" is on at least a few lips, but for now that's troubling the NASDAQ far more - over there they're worried about the damming effect an economic slowdown will have on the river of cash that made the techs what they were...