Word: nasdaq
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...reverberating westward across the globe since Thursday night and giving investors headaches all the way. Tokyo, Hong Kong, Frankfurt, London... and now back to Wall Street, where losses that had been piling up all night - to record volume for electronic-trading networks - came gushing out with the morning bell (NASDAQ falling 194 points in 13 minutes dramatic enough for you?). A very bad end to a lousy week...
...Intel, see, is the bluest of the blue-chip tech stocks, considered the sector's best indicator of where the overall high-tech winds are blowing. It's a member of the Dow, NASDAQ and the S&P, which is the practical reason why Wall Street's trio of indexes all tanked on the news. But the spiritual malaise is just as contagious; Microsoft, Dell and Cisco all took overnight hits as well. Intel's announcement also comes early in a third-quarter earnings season that investors are nervous enough about already. Bad earnings news revives fears that Greenspan...
...accent. His father speaks little English, his mother a bit more. Cutting across the campus at USC, where he still trains, the child of the Soviet Union stops often to talk with friends, students and teammates. He talks about the Lakers, the Dodgers, whatever. He talks about the NASDAQ. His degree is in finance. "So, do you think I look Russian?" he suddenly asks. His hair is blond. His eyes are blue. He could be featured on one of those Soviet posters of the Cold War, staring ahead toward the end of the latest five-year plan. Yes, he looks...
Ranson agrees that a defensive investment strategy--which would include large-cap tech and drug stocks--is best if you're planning to stay in the market. But he advises being very cautious as the recent rate hikes filter down. With the Dow down for the year, NASDAQ basically flat and the S&P up only 2.5%, Ranson says investors may get better overall returns from cash rather than stocks. His suggestion: wait until 2001 to invest more heavily, or at least until there's solid evidence that the Fed's moves have actually succeeded in cooling the economy...
...heavy lifting was done by a few. JP Morgan, a Dow component, shot up 16 points on speculation that they're due for a merger (word is the old-school suits over there will hold out for an extremely dignified deal). Intel, Cisco Systems and Oracle drove NASDAQ, basically because they're the best bets in a rather shaky tech sector, and investors like to have their portfolios nice and fat before the long weekend...