Wall Street Warns Against Possible Bubble Stock Market
����Wall Street sent a strong signal Monday, warning US investors against a possible bubble in stock market.
����The recent stock market could easily be described as more "irrational and exuberant," the Wall Street Journal said in an article carried on its front page. "Irrational exuberant" is a phrase uttered by US Federal Reserve Chairman Alan Greenspan two years ago when the Dow Jones industrial average was at 6437 points.
����The warning came two days before Greenspan testifies on Capitol Hill. The Journal said the recent buoyancy in the stock market worries Greenspan and that the financial trouble in Brazil provided at least a temporary interruption in the euphoria in the New York stock market. Still, after Friday's rally, the Dow index ended at 9,340.55, a 45 percent higher than it was when Greenspan issued his admonition, it added.
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Economicnews 1999-01-20 Page7
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