Sunday October 17, 3:12 pm Eastern Time
DLJ's Galvin sees Dow at 13,000 by end-2000 -paper
NEW YORK, Oct 17 (Reuters) - Tom Galvin, chief investment officer at brokerage
Donaldson Lufkin & Jenrette (NYSE:DLJ - news), sees the Dow Jones industrial average
hitting 13,000 by the end of the year 2000, Barron's reported in its Oct. 18 edition.
Galvin, who is also the firm's equity strategist and a stock market bull, told the financial newsweekly in an interview that he
expects Standard & Poor's 500 index to be at about 1680 in the same period.
The Dow plummeted 266.90 points to 10,019.71 Friday as investors fretted over cautious comments from Federal Reserve
Chairman Alan Greenspan and a big jump in the producer price index, which measures inflation at the wholesale level.
The S&P 500 index closed down 36.01 points at 1,247.41.
Galvin told Barron's he believes several factors will hold back inflation including excess global capacity and the euro. The
European currency should make the flow of goods and services more efficient and lead to more mergers, enabling larger
companies able to offer lower prices through economies of scale.
He also told Barron's that the Internet is having a deflationary effect on most businesses.
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