Word: teche
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...left in the year, the Dow is down 10 percent, the biggest annual drop since 1977. The S&P 500 is off 14 percent, the most since 1974. After coughing up another 7 percent Wednesday, the NASDAQ's losses have hit 43 percent, which makes 2000 quite simply the tech index's worst year ever. For tech stocks, we're not talking bear, we're talking crash - a steady slide that started in March and is only picking up speed at year's end. All fall, traders talked about the need for "capitulation"; now they're calling it panic...
...five straight years until this one, NASDAQ has averaged 42 percent gains. The Dow has averaged 25 percent annually. And all that happened in 2000 was that tech stocks, from networkers like Cisco Systems to software makers like Microsoft to e-tailing paper tigers like Amazon.com, have at long last confronted the reality of reality. The Internet Utopia, a world of limitless investors, limitless infrastructure, limitless customers and limitless productivity gains, is on a slower timetable than we hoped...
...Harvard gets past Vermont tonight, the Crimson would take its two game winning streak to Georgia Tech. The Yellow Jackets, part of the mythical ACC, are the toughest team Harvard will face in the regular season. If Harvard fares well tonight, it might give the team the momentum it needs to show the ACC who's boss on December...
...Greenspan casino - went into the meeting with a small bet on the cut, and the bias-only move is likely to eat up Monday's 200-point rally by week's end. The NASDAQ, meanwhile, will continue to mutter about its own issues, wondering only incidentally if the tech sector will prop the rest of the economy up or drag it even further down...
...inflation is so last year. Clinton and Gore, Rubin and Summers, are all leaving. Tech's impregnability is a fading memory. Consumer spending kept us going when the rest of the world was tumbling, and now wallets are closing across the country. President-elect George W. Bush finds that gloom and doom suits him when he's itching for a tax cut, and now the pressure's on Greenspan to get us back on track by spring. If this thing turns into a recession, and he's judged to have been prideful and ignored the warnings when the New Economy...