Browse archives: 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995

Published on 07/13/1998 All articles from this issue

Even eroding earnings don't stop Wall Street's surge

printer friendly version

By Clyde Noel

Special to the Town Crier

The life of the longest running party on Wall Street may be coming to an end, but you wouldn't know it from the investors who continue to put more money into the market.

Stocks powered to record highs this past week as investors put a positive spin on corporate second quarter earnings, even those with flat reports.

For the week, the Dow was up 233 points at 9,338, a record. The Nasdaq composite index rose 65.72 points to 2,008, also a record, and was up 28 percent for the year. The Town Crier Weekly Stock Index is up 15 percent since Jan. 1, and an investment of $48,000 would yield a $8,650 profit. Let the good times roll.

Experts say the market may be facing a long string of negative results. By last Friday, 157 companies in the Standard & Poor's 500 index had reported their second quarter earnings. Fifty-nine percent of the earnings were positive, 15 percent negative and 27 percent were on budget according to a Wall Street firm that tracks earnings.

At the same time last year, 62 percent of earnings were positive.

In a surprise move, Apple Computer (AAPL) reported a profit for the third straight quarter. That pushed the stock to 36 7/8, up from 13 1/8 at the beginning of the year. This is a sizable 181 percent increase in stock value since Jan. 1.

Storm Technology (EASY) received word last week that its stock has been delisted from the Nasdaq stock market. In a statement, the company said it expects its shares to begin listing on the over-the-counter bulletin board. The stock will be dropped from the Town Crier index.