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To: eddie r gammon who wrote (10018)	10/31/1998 9:59:00 AM
From: Joseph G.	Read Replies (2) of 86076

<<Why are investors pumping up the Dow? Many investors appear to be running with the herd, confident that the past three years of double digit gains from stock investing will be repeated, despite the erosion of the pillars that have supported the market -- strong earnings, steady economic growth and a strong dollar. One theory is that Wall Street's sages tend to rationalize fear away, which is what they did when Asia started to self-destruct last year. Although the turbo-charged U.S. economy is no longer running on all pistons, some investors are still betting the Fed's policy change might just keep the economy from sliding into recession or at least, slow down. Don Hays, chief investment strategist for Wheat First Union in Richmond, Va., said people have been slow in giving up on their optimism because they can't forget the fantastic economy of the last five years. ''But the unfolding evidence continues to drag forecasts down,'' he said. Early in the year, analysts were expecting a rise of more than 8 percent in third quarter profits but they're now looking for drop of 1.0 to 2.5 percent versus a year ago. The fourth quarter is not shaping up to be a bell ringer, either.>> biz.yahoo.com

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