Word: nasdaq
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...that growing disquiet add the recurrence of warfare and terrorism in the Middle East last week. Result: a full-fledged panic on Wall Street. By the time the rout ended, the Dow Jones average had plunged 379 points on Thursday and the tech-heavy NASDAQ index stood at its lowest level of the year. Though both markets rebounded on Friday, that did little to dispel the underlying unease that the economy may be a Ford Explorer speeding along on Firestones...
Those numbers only begin to address the carnage. The average NASDAQ stock is down 48%, more even than during the 1987 crash, reports Salomon Smith Barney. Thanks to relative strength in more conservative stocks, broader market measures haven't been as devastated. Still, the Standard & Poor's 500 hit a new low Thursday, bringing its decline to 13%, and the Dow, while still above its spring low, was off 14% from its high nine months...
...that bargain hunting around the March-May sell-off rewarded only a few while ravaging many. Electric utilities, oil and some financial and left-for-dead health-care stocks have done well. But that's not where the money was. Popular techland has been a disaster. Last week the NASDAQ yo-yo busted its string and fell to a new low for the year, extending a slump in the most speculative stocks and grounding the likes of Intel, Dell, Cisco and Lucent...
...brokerages were poised to send out margin calls early this week, though a rally Friday may have provided a reprieve. Many investors, it seems, became so convinced that prices were cheap last spring that they doubled up, partly with borrowed money. Now lots of stocks are even cheaper. The NASDAQ bottomed at 3165 on May 23, suckered in a wave of new money with a 1,000-point rally, then collapsed in stunning fashion--closing as low as 3075 on Thursday. From the March 10 peak of 5049, the index dropped 39%. In the 17 trading days ending Friday...
...retrospect, of course, 1990 was a great time to be loading up on stocks. Since a bear market ended late that year, the NASDAQ has risen 10-fold and the Dow more than fourfold. Whether the next decade will prove as profitable is an interesting question but one that, frankly, can't be answered. Long-term investors can take comfort in knowing that the overwhelming odds are for stocks to be higher a decade from now. But that doesn't help much in times like these, when all you really want to know is whether the bloodletting is nearly over...