Word: nasdaq
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...profits and housing starts are both headed up again, and the all-important drunken-sailor index -- consumer spending, which accounts for two-thirds of U.S. economic activity -- rose at an annual rate of 6.8 percent, the highest in 11 years. Bust! The Dow drops 267 points, taking plenty of Nasdaq e-stocks with it, and Wall Street is pocked with potholes once again. What's going...
This turnabout points up a broad trend in the market. Dare I say it? New-economy firms are out of favor. Since March 31, the smokestack-vintage Dow Jones industrial average has risen 1,000 points, while the tech-laden nasdaq has gone flatter than steel slab. In that period aluminum maker Alcoa rose a shiny 55% and joined heavy industrials such as 3M and Phelps-Dodge in posting heady gains. Tech wonders, including Cisco, Microsoft and Intel, floundered...
...their pajamas should be clicking trades through cyberspace all night long, potentially saving money by having their trades executed faster. Retail investors will still route their trades to Instinet through brokers--online and otherwise--but they'll be able to react to late-breaking news. Both the N.Y.S.E. and NASDAQ are also planning to extend trading hours, at least until 9 p.m. For now, the SEC can only counsel restraint; Levitt advises online traders to use limit orders, so they only get a stock at a set price, and avoid buying on margin...
After the NASDAQ dropped 5.6% on Monday, wounded highflyers regained their strength for the umpteenth time. "Tech and Internet enthusiasts are hard to keep down," observes Byron Wien, analyst at Morgan Stanley Dean Witter. So AOL, which went from $167 to $116 in a blink, was quickly back at $146. Amazon.com poster child for Internet speculation, shot from $184 to $159 to--gads!--$210. With lightning speed the reversal was reversed, and what had been shaping up as a seismic shift in the market turned out to be just a sneeze...
...Jones Industrial10,007.33 +174.82 S&P 500 1,321.12 +27.40 NYSE 614.63 +9.64 Nasdaq 2,560.06 +66.69 AMEX...