Stocks Weather Stormy First Quarter
Accounting jitters continued amid signs of economic recovery.
After a rocky 2001 punctuated by the horrors of the September 11 terrorist attacks and the collapse of energy-powerhouse Enron (ENRNQ), the stock market remained jittery in the first quarter of 2002.
Economic and corporate news often sent conflicting messages to the market. Broadband giant Global Crossing (GBLXQ) and retailer Kmart (KM) declared bankruptcy, yet the economy showed signs of recovery. Still, with the exception of the technology sector, all of Morningstar's 10 stock sectors posted gains for the year to date through March 26, 2002. The Dow Jones Industrial Average rose 4% over the same period, the tech-heavy Nasdaq Composite fell 7%, and the S&P 500 index was flat.
David Kathman does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.