Word: nasdaq
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...First of all, they're beat. Wednesday and Thursday's were the third and fourth highest-volume sessions in NASDAQ history. In two days, investors ran off a cliff, bounced right back up, and then climbed a mountain. Dow and NASDAQ swung nearly 500 points each and plumbed lows not seen since spring. Alan Greenspan spoke about the economy (good news - he's convinced that everything he's done will work out fine) and most of the biggest names in tech stocks reported earnings...
...await investors. The coast is not clear; the path is not known. With investors looking into a cloudy 2001 crystal ball, they're itchy and impressionable. Some days that means heart-stopping volatility; on Friday, volume remained robust and the buying was steady, pushing the NASDAQ up 64 and the Dow up 83 by closing time. But after this week, a lot of investors would still rather breathe into a paper bag than place any big bets on the direction of tech...
...NASDAQ, meanwhile, was a practically a rock in these troubled times. On staggering volume of 2 million shares (this by 2:30), the tech index took a smaller version of the Dow's early dive but steadily regained ground throughout the day and by late afternoon was into the black. Credit Intel, Sun Microsystems (which flubbed and spit out a good earnings report a few hours early) and Microsoft for leading the charge...
...notoriously risky, many critics think small-time investors shouldn't be fooling around with this business. Freudenthal counters that as long as you're betting only a small portion of your portfolio, 2% to 4%, "a professionally managed, diversified venture-capital fund is less risky than any single NASDAQ stock." And now, for the first time, it's a risk anyone can take...
DOTCOM DOLDRUMS How many times can one industry boom, then bust? September saw yet another round of layoffs, bankruptcies and general gloom for the Internet industry. Analysts say there were more dotcom layoffs last month than in any month since last December. The NASDAQ plummeted more than 700 points, and websites from MTV.com to OfficeMax slashed their staffs. Even mighty Walmart.com shut its virtual doors to remodel for the holiday rush. The final irony, however, may have come when Dotcomfailures.com a website devoted to bankrupt Internet companies, went out of business. Now that's a downturn...