The two big ones

During the third quarter of the year, the Dow Jones Industrials managed a rise of 1.9% but the S&P500 fell by 1.3% and Nasdaq by 7.4% (all in local currency terms). The Dow Jones has lost 7.4% over the year to date and the S&P500 and the Nasdaq some 2.2% and 9.8% respectively. The diminishing prospects of an interest rate increase this year continued to produce strength in the interest rate sensitive sectors and the Dow Jones Utilities index has gained 41% in 2000. Financials were also helped by the Chase Manhattan bid for JP Morgan. The sharp rise in the oil price led to further strength ...