Does One Word From Greenspan Really Matter?
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
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.