Word: nasdaq
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Never mind that the markets shrugged, then rallied. The Dow closed the week up 4.9%; the supercharged NASDAQ rose 3.4%. That may only strengthen Greenspan's resolve. To be sure, the economy has been dangerously robust the past couple of quarters. And the gross domestic product is expected to rise 4.1% this year, well ahead of the Fed's presumed "speed limit" of around 3.5%. The torrid growth rate is what Greenspan cites most often when justifying rate increases...
Those fidgety day traders didn't bother waiting for Judge Thomas Penfield Jackson's second decision in the Microsoft antitrust trial. As the 5 p.m. announcement drew nearer on Monday, the desktop dealers dumped more and more of their investments in the tech-heavy NASDAQ, and by the time Jackson, who four months earlier had found that Microsoft wielded monopoly power, delivered a guilty verdict on two of three counts of abusing that power, they had produced a record 348-point, 7.6 percent plunge...
...count Microsoft, or the NASDAQ, or the high-tech industry, out just yet. While the government is now technically compelled to take action that will change Microsoft's business - many think Jackson will seek to break the firm into a bunch of "Baby Bills" when he produces his "remedy" in August - Bill Gates and his Redmond buddies are widely expected to appeal the decision, a process that could drag on for years. In the meantime, the whole nature of the computer-sofware-Internet business will have changed...
...worried about," says TIME financial writer Daniel Kadlec. "He's worried that people will see their money performing well in the stock market and feel rich - and then they'll go spend what they don't actually have." Granted, spending against paper profits that may disappear with the next NASDAQ nosedive isn't exactly the stuff of sound personal finance, but will American investors' apparent flush of success be enough to spur the Fed chief into do something drastic - like once again raising interest rates? Count on it, says Kadlec. "Consumer spending indices hold a lot of weight with Greenspan...
Last week the Dow's blue chips soared, the tech-heavy NASDAQ followed its 5000-point close with a three-day fizzle, and the S&P 500 rose nearly 70 points. Market watching can be a harrowing sport, so we asked designers John Ryan ('96 Olympics' Izzy), Cookie Gluck (Chicago Bulls' Benny), Wong Doody (Seattle Sonics logo) and Street Characters (Arizona Cardinals' Big Red) to give the indexes their own mascots...