Does One Word From Greenspan Really Matter?

Posted by accountingweb on Dec 6 2000 76 printer friendly

The NASDAQ soared Tuesday with news of optimism from Alan Greenspan. This is good news for the economy, especially going into the busy holiday season.

How can one person control the fate of the stock market? If you're Alan Greenspan, sometimes a word or two, or even perhaps a nod can speak volumes.

Such was the case on Tuesday, when the NASDAQ posted its largest, one-day advance ever following an announcement by Greenspan that the Federal Reserve Bank was optimistic about the future and may not cut interest rates, at least in the short term.

Most of the popular technology stocks soared to double-digit increases when the news was announced, and across the board the optimism was shared wholeheartedly.

Some analysts also attribute the market surge to fact that the latest news seems to indicate that the presidential election is finally nearing its conclusion.

Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?

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