Word: stocke
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Dates: during 1990-1999
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Greater Seattle may be best known around the world for Microsoft, Starbucks and rock bands like Nirvana, but residents know it for something less flashy: its rich stock of wild salmon. Last week the Federal Government, noting that that stock is running dangerously low, placed seven types of salmon and two types of trout on its list of threatened or endangered species. Never before has the regulatory machinery of the Endangered Species Act been turned on so large or heavily populated an area. Saving the fish from extinction will require sacrifices from Seattle, Portland, Ore., and the surrounding counties...
...stock market will not rocket higher or careen into a ditch just because the Dow notches a fifth digit. But Dow 10,000 is a critical plateau in that it will be the product of an extraordinary run. If the Dow had risen at its historical rate of 11% a year instead of its 24% average annual rise since 1994, it would now be nearing 6000, and we'd be years--not days--from popping the cork. No one can say when this period of outsized gains will end. But the same trends will not last forever...
...market soared? Low inflation, cost-conscious management and endless global opportunities for U.S. companies have played a huge role. Those things will persist. But our limitless affection for technology, blind faith in index funds and grossly underappreciated sense of stock-market risk are part of the equation too. And those things will pass. It was only 10 years ago that we stretched reason to justify Japanese stocks' trading at 70 or 100 times earnings--just ahead of that country's enduring recession. Today's most popular stocks trade in that range, and tortured explanations again pass for wisdom...
During a 1996 speech at the American EnterpriseInstitute, a Washington-based think tank,Greenspan asked his audience whether stock marketgains might have been due to "irrationalexuberance." The next morning, markets tumbledworld-wide, with the Dow Jones industrial averagefalling 140 points before recovering...
...hope he doesn't say something too crazy [atCommencement] or the world will go insane--makingthe stock market crash or something," Thurstonsaid...