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To: Murrey Walker who wrote (140775)	8/27/1999 4:05:00 PM
From: jhg_in_kc	Read Replies (5) \| Respond to of 176387

the SON OF A BITCH DOES IT AGAIN!!!Stocks Lower After Greenspan Speech THIS IS UNCALLED FOR AND RECKLESS. DOES HE WANT TO CREATE A CRASH IN OCTOBER? ALAN G., SHUT THE HELL UP. NEW YORK (AP) -- Stocks were mostly lower today after Federal Reserve Chairman Alan Greenspan voiced concern over the highly valued stock market. In late afternoon trading on Wall Street, the Dow Jones industrial average was down 72.51 to 11,125.94. The Dow fell 127 points on Thursday amid profit-taking from the Dow's run to a new closing high on Wednesday. Broader stock indicators were also lower today. The Standard & Poor's 500 index was down 8.71 at 1,353.30, and the Nasdaq composite index was down 11.80 at 2,762.82. Greenspan, speaking today at a Kansas City Federal Reserve bank meeting in Jackson Hole, Wyo., said the extraordinary rise in stock prices the last five years has been mostly inexplicable. He did not discuss the Fed's Tuesday decision to raise short-term interest rates 0.25 percent. The rate increase heartened many investors as the Fed suggested that it may be enough to keep inflation on hold. Greenspan's remarks prompted some investors to wonder whether the Fed will consider high stock valuations as part of its watch over inflation. Greenspan has expressed concern about the stock market before. In December 1996 he caused a sharp, brief selloff in markets around the world by wondering aloud whether investors were in the grip of ''irrational exuberance.'' ''The presumption is he thinks the stock market is too high and is contributing to overheating the economy which could cause inflation,'' said David Orr, chief economist at First Union Capital Markets Group in Charlotte, N.C. A Commerce Department report today indicated the economy is growing moderately. Personal spending rose 0.4 percent in July, below what analysts had expected. Personal income rose a slower-than-expected 0.2 percent last month.