Greenspan, stirring the market, upstages Bush.

Investment News, December, 2000 by Gabriel Jr., Frederick P.

Presidents are important, but nowhere near as important as Federal Reserve Board Chairman Alan Greenspan. The stock market rallied on Tuesday, when it was looking increasingly likely that George W. Bush would become the next president.

But the market really got cooking later in the morning when Mr. Greenspan delivered an "I-feel-your-pain" speech that propelled the battered Nasdaq Composite Index to its largest one-day gain -- in points and percentage terms -- since the market opened in 1971.

The Nasdaq, which has lost nearly half its value since March, soared 274.05 points, or 10.5%, to 2889.80. The Dow Jones Industrial Average, which has suffered less-steep losses than the Nasdaq, rose 337.77 points, or 3.2%, to 10,898.72.

...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.