DJIA nearly 20o point turnaround

  1. 506 Posts.
    Fed injections of 9billion must be helping
    will we end up 100?
    i wouldnt count it out!

    here's some interesting reading on the DJIA

    http://cbs.marketwatch.com/news/story.asp?guid=%7B35F430EE%2D2099%2D4449%2DB2A7%2D1A7AFBB13D01%7D&siteid=mktw

    "The Dow is a price-weighted index, unlike other major gauges, such as the Standard & Poor's 500 Index. Essentially, that means that stocks with high dollar prices wield enormous influence. Right now, there is one stock that is holding up the Dow: the only one with a price above $100.

    "The single most important stock is a company in Minnesota," Schaeffer says about 3M Co. (MMM: news, chart, profile). "It's an industrial company with what, a 30 P/E? If 3M stops levitating, just maybe people start getting scared."

    Schaeffer calculates that 3M stock, not far from an all-time high of $130 or so, could wreck the Dow if investors end their love affair with the company's shares. If 3M shares were to return to their 1997-'98 lows, roughly half their current level, the Dow would get a 425-point haircut."

 
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