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MARKET
CLOSE SEPTEMBER 17, 2001
by Vaughn
Antley
The stock market resumed trading today in the
wake of the terrible tragedy of last week. As expected, the major averages
all traded down as the Dow Jones Industrial Average fell 684 points or 7%
to finish at 8,920. The NASDAQ fell 115 points or 6.8% to finish at 1,579.
With
the markets expected to trade down on Monday, all on Wall Street was not
gloom. In an unprecedented effort of cooperation, both the Federal Reserve
and the European Central Bank lowered key interest rates ½%. Another
bright spot was the fact many major US Corporations announced their
intention to buy back some of their own shares of stock. This is a clear
sign that corporate America believes the future of their companies is
bright. The events of last week were tragic and stock market predictions are of
little importance, given the loss of life in New York and Washington.
However, with worldwide interest rates falling so rapidly bond yields are
very low historically. Stock prices are very attractive given alternative
investments.
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