CNN Money
How far to the bottom?
Capitulation is the latest buzzword -- evidence enough that it hasn't happened yet.
June 28, 2002: 12:50 PM EDT
By Justin Lahart, CNN/Money Staff Writer
NEW YORK (CNN/Money) - Even before markets opened Wednesday, pundits were on TV yammering about "capitulation," that perfect storm when disgusted investors sell like mad as others swoop in to fuel a rally.
News of the WorldCom scandal had broken (apparently the biggest accounting fraud ever!), and when the Dow dropped 140 points in the first 15 minutes of trading, it did indeed feel like the final washout.
And lo, late in the day, the Dow rallied back to within spitting distance of breakeven, and the Nasdaq finished slightly higher. Thursday, the bounce kept going.
So, after over two years of losses, is that it? Has the selling that would finally put a floor under stocks finally come?
"Don't back up the truck," says Hilliard Lyons,(cont)
money.cnn.com |
