19 March 2001, 12:48 The worst may not be behind the stock market as prospects>
The worst may not be behind the stock market as prospects for a
second half recovery, especially in the technology sector, grow dimmer
each week. A surge of earnings warnings over the past month has lowered
economic expectations and share prices along with them. Sharp trading
swings marked by turns of violent selling are raising the suspicion of
heavier losses to follow. "We are not yet at the extreme bottom. We can
expect a bounce up, but it will be followed by extreme selling late in
the second quarter when the next warning season unfolds," said Larry
Rice, Chief Investment Officer at Josephthal & Co. Friday the Nasdaq
composite dropped another 2.6%, 49.80 points, to 1,890.91. The Dow
industrials ended down 2.03%, 203.64 points, at 9,827.64. The S&P 500
finished down 1.97%, 23.16 points, at 1,150.40.
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