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On March 7, 2000, the Dow Jones industrials average fell nearly 400 points as a result of the news released by one of the composite's blue chip stocks, Procter & Gamble (P&G), that its third quarter earning would be lower than earlier projected, mainly due to the higher price of raw materials. As of Monday, the Dow was down 14.8 percent since the start of the year 2000, due to the high price of oil, as well as projected interest hikes in the near future. Asia's struggling stock markets also felt the sting of the Dow's fall. However, they were able to keep damage to a minimum. Even as the Dow Jones fell, the NASDAQ composite, which is focused on technology stocks, continued to soar, hitting 5,000 for the first time in its 29 years. It then, however, fell to 4,847.84, following the Proctor and Gamble announcement. Investors are straying from industrial businesses and are concentrating on technology and service-oriented stocks.
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