Dow Jones 10787 -82
Nasdaq 2471 -87
Year 2000 has been a miserable year for the Nasdaq experiencing the most devastating loss in its near 30-year history and ending 2000 down by 39%..Nasdaq was created in 1971 and the worst drop so far was in 1974 by 35%…
Although most other tech shares were weak, it was Internet stocks leading the Nasdaq composite lower…
Many on Wall Street are happy to put this year behind them. Technology stocks have been the biggest losers, dragging down Nasdaq composite in contrast with 1999's record surge of nearly 86% to off 51% from its March 10 high …
Larry Wachtel, market strategist at Prudential Securities said, "You have to remember that in 1999 the Nasdaq went into a manic phase…In the year 2000 we unraveled that manic phase. I have a hard time getting out the crying towels. ... We're back to sobriety here."
All eyes are now on the Fed to pull the economy together with the stock market out of this slump. Hopes that the Fed would cut rates in December weren't realized, thus sending stocks sliding earlier in the month…
Alan Ackerman, executive vice president and market strategist at Fahnestock, said , "The future of the market clearly depends on whether the Fed is going to be friendly to the economy….My outlook is cautiously optimistic until we know what the Fed is going to do. The world is in the midst of an economic slowdown, and it needs a catalyst. That catalyst may be the Fed lowering rates one or more times in the next year."
Finally before wishing you all a Happy New Year, I’d like to add to my last post on Nasdaq in 2000 that the prospect that the Fed may cut rates in January, added with a bounce from the tech sector's heavy losses may lift the market early next year…this still doesn’t mean that the cloudy economic outlook won’t continue to loom over the market….indications are that in January and the early part of the year there is likely to be a further recovery in the Nasdaq…having said that I don’t think we’ll see a bullish Nasdaq throughout the year 2001…it may not be as bad as 2000, but it certainly won’t be too much better either…I expect futher declines after the rallies/bounces at the frist quarter of the year…still before worrying about the bearish starting most likely in Spring let’s try and make the best out of the early part of 2001..
(quotations from CBS.MW)
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[This message has been edited by rizgar (edited 30-12-2000).]
Nasdaq 2471 -87
Year 2000 has been a miserable year for the Nasdaq experiencing the most devastating loss in its near 30-year history and ending 2000 down by 39%..Nasdaq was created in 1971 and the worst drop so far was in 1974 by 35%…
Although most other tech shares were weak, it was Internet stocks leading the Nasdaq composite lower…
Many on Wall Street are happy to put this year behind them. Technology stocks have been the biggest losers, dragging down Nasdaq composite in contrast with 1999's record surge of nearly 86% to off 51% from its March 10 high …
Larry Wachtel, market strategist at Prudential Securities said, "You have to remember that in 1999 the Nasdaq went into a manic phase…In the year 2000 we unraveled that manic phase. I have a hard time getting out the crying towels. ... We're back to sobriety here."
All eyes are now on the Fed to pull the economy together with the stock market out of this slump. Hopes that the Fed would cut rates in December weren't realized, thus sending stocks sliding earlier in the month…
Alan Ackerman, executive vice president and market strategist at Fahnestock, said , "The future of the market clearly depends on whether the Fed is going to be friendly to the economy….My outlook is cautiously optimistic until we know what the Fed is going to do. The world is in the midst of an economic slowdown, and it needs a catalyst. That catalyst may be the Fed lowering rates one or more times in the next year."
Finally before wishing you all a Happy New Year, I’d like to add to my last post on Nasdaq in 2000 that the prospect that the Fed may cut rates in January, added with a bounce from the tech sector's heavy losses may lift the market early next year…this still doesn’t mean that the cloudy economic outlook won’t continue to loom over the market….indications are that in January and the early part of the year there is likely to be a further recovery in the Nasdaq…having said that I don’t think we’ll see a bullish Nasdaq throughout the year 2001…it may not be as bad as 2000, but it certainly won’t be too much better either…I expect futher declines after the rallies/bounces at the frist quarter of the year…still before worrying about the bearish starting most likely in Spring let’s try and make the best out of the early part of 2001..
(quotations from CBS.MW)
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[This message has been edited by rizgar (edited 30-12-2000).]