Word: slideing
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...Conference Board reports Tuesday that its index of consumer confidence jumped to 117 in March from a revised 109.2 in February, topping expectations of a slide to 105. The big question: Why? TIME senior economics reporter Bernard Baumohl explains...
...initial steps toward reform would help Japan's fundamentals over the long term. But the really scary part is that dramatic attempts to rev the economic engine right away have had minimal effect. The government, originally acting on the advice of Washington, tried to stop the initial slide by slashing interest rates and funding huge public-works projects. But the government spending has been directed toward things the country really doesn't need: expressways in rural areas and bridges to nowhere. The Bank of Japan has dropped interest rates to near zero, but that hasn't worked to stimulate...
Macro issues aside, many stocks now trade at bargain prices. Sell now and you risk selling at the bottom. Ironically, a lot of tech stocks now trade higher relative to this year's earnings than they did even before the slide. So they still look expensive. But that's because near term earnings assumptions are falling faster than the stock price. If the earnings slump is temporary, as it most likely will be for blue-chip firms like Intel and Microsoft, the near term outlook should be ignored if you are a long-term investor. A better metric...
...improve much this year. Phone companies "are really conserving their capital because of the severe downturn in the economy," says Clarence Chandran, Nortel's chief operating officer. Nortel is a one-company bear market. The world's No. 1 producer of fiber-optic systems, Nortel accelerated the industry's slide and NASDAQ's sell-off last month by abruptly slashing its 2001 forecasts and declaring that it would idle 10,000 employees, or nearly 10% of its work force...
...markets sped up their stampede, driving the Dow into official "bear" territory and testing new 9,200 lows with a 250-point morning slide as the selling continued to spread beyond tech into Old Economy blue-chips. TIME senior economics reporter Bernie Baumohl checks the numbers and assesses the current state of things economic...