Word: schwab
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...Sanderson (I) def Butera, 14-12; 126--Picarsic (H) def A. Wollner, 8-3; 134--D. DeNunzio (H) def #3 D. Hinson, 2-1 (SD); 142--#6 C. Sanderson (I) def. Kiler, 7-4; 150--D. Maldonado (I) def. Griesemer, 10-4, 158--Killar (H) def B. Schwab...
Imagine the frenzy at Charles Schwab & Co., the nation's largest online brokerage house, as it attempted to handle the siege of 1.5 million customer inquiries--three times its normal volume. Or at the boutique E-shop Datek, which handled more than 20,000 transactions, double its usual load. Similar scenes were played out in a dozen online brokerages across the country as Net users took to their computers to buy and sell stock. Whatever else the "Correction of '97" signifies, it will surely be remembered for finally sanctifying online money managing...
Which isn't to say that everything went smoothly. To hear many Net investors tell it, personal-computer transactions were more of a drag than a click. Although investors were far more likely to get through to a computer than to a human broker, electronic shops such as Schwab, E*Trade and Waterhouse bogged down when the calls swelled to double the normal traffic. Although Monday's traffic jams may have saved a few investors from selling too fast, Schwab spokesman Tom Taggart conceded that there were "no excuses" for the delays...
...Although online brokerages such as Schwab, Discover and Waterhouse were inaccessible for much of Monday morning after receiving double or even triple their normal traffic, by the end of Turnaround Tuesday even E*Traders were better off than the thousands of furious investors who reached busy signals - instead of brokers - during the Dow's bullish backlash...
...just need to keep the faith with your fellow believers: the stock-obsessed masses in mutual funds and investment clubs, trading online and standing in line a dozen deep at the corner Fidelity or Schwab office. Only 10 years since the most devastating one-day plunge in history, Americans are married to the market in confounding degrees. They have the trust of a newlywed that stocks will be a lifetime mate. The average person has more invested in the market than in the house that shelters him. Stocks account for more than 40% of the average household's financial assets...