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Politics : Formerly About Applied Materials

AMAT 248.42

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3:59 PM EST

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To: roly who wrote (9774)	10/27/1997 6:17:00 PM
From: Eric Sandeen	Read Replies (2) of 70976

Re: the media. Why do the reports talk in terms of points and dollars, not %, when reporting gains and losses? We're going to hear a lot of "Dow dives 554 in record one-day point tumble!" This is similar to the previous argument that because we were crossing 1000 points (6000, 7000, 8000) faster and faster, then the growth must be unsustainable. Of course it was faster and faster. 1000 points represented a smaller and smaller % of the market. 1000 and 554 points mean nothing in a vacuum. Without knowing the % of the market that these points represent, the numbers are useless. The reporters use these meaningless "record numbers" to hype the market and/or the story one way or another. I'm tired of it. Dropping 554 points is bad, don't get me wrong. :-) But 554 points is not the "worst drop ever" if we talk about what matters - percentage of the market. Today we had a 7% drop in the DJIA. So, along those lines, I wonder how this day ranks on percentage loss... -Eric

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