Dow @ 7100
Dow 7100: How the World Looked in 1997
START-UP BOOM DRAINS BRAINS. With so many companies popping up to take advantage of venture-capital dollars and strive for that magic IPO, companies were beginning to complain about the scarcity of talent on the labor market. Today, unemployment is at 7.6%.
BANKS AND CAR MAKERS MAKE LOTS OF MONEY. The earnings news from the first calendar quarter of 1997 was full of bright spots. GM posted better-than-expected net on its strongest North American performance in a decade, while over in the banking sector there were upbeat reports from such names as NationsBank (now Bank of America following its acquisition of that company) and First Chicago NBD (since folded into JPMorgan Chase). In the brokerage world, Merrill Lynch and PaineWebber both reported better-than-expected earnings, net income, while Salomon’s profit dropped amid disappointing bond trading.
U.S. ECONOMY GROWING LIKE GANGBUSTERS. First-quarter output grew at a 5.6% annual rate, prompting The Wall Street Journal to write this: “Just when it seemed the U.S. economy couldn’t possibly provide any more good news, it did.”
President Barack Obama : “If we confront this crisis without also confronting the deficits that helped cause it, we risk sinking into another crisis down the road,” the president warned, promising to cut the yearly deficit in half by the end of his four-year term. “We cannot simply spend as we please and defer the consequences.”
Posted in Finance
I'm Gurinder nesting in UK working as a Software Engineer in Telecom. I started this blog to note down my activities; mainly regarding financial engineering and news. It's not to advise someone, just mear to record for myself; although comments are more than welcome. More interested in my life its