Friday, Wall Streeters climbed out on their ledges and peered at the sidewalk far below in homage to the 70th anniversary of the big crash. Oh,
. But professional men and women did dangle their feet from window sills and catapult reams of paper from windows during the noontime New York Yankees ticker-tape parade celebrating the World Series win. ( Be a part of it with our TSCam shots.) This weekend, don't miss our review of Michael Lewis' The New New Thing, two fun quizzes and your favorite columnists. Jump on in.
Three's company at
starting this week. Apparently the bigwigs at the corporation think that having two CEOs is good but having three chairmen is even better. Tuesday Citigroup named
chairman of its executive committee and appointed him co-chairman -- serving alongside
alum resigned as
secretary in May of this year. His duties at Citigroup are still undisclosed.
With Reed and Weill serving as co-CEOs (some say because neither could stand being second-dog) and both drawing praise in their roles, some wonder if that leaves the dashing former Treasury secretary as a polished figurehead for the sprawling company. Others say
Rubin will help smooth the relationship between Reed and Weill. Everyone agrees, however, that by landing the 61-year-old commonly credited with creating the economic boom, Citigroup has scored big. And not in that
How Now Dow Jones?
It seems that even an old
can learn new tricks. Starting Monday, four stalwarts in the 30-stock index will be
replaced by initiates
. The unhappy ousted stocks include
(all four fell when the news broke on Tuesday). The official word from John Prestbo, editor at the Dow Jones indices and markets editor of
The Wall Street Journal
is that the reconstitution "streamlines" the DJIA along "sectoral" lines -- whatever that means.
Looks to us like the Dowager is getting a
wee bit hip in her old age -- adding tech bellwethers while losing some sleepy manufacturing and energy names. But effects of the change will likely only be
cosmetic, given the fact that most institutional money ignores the Dow, preferring instead to track the
. Of course, mutual funds based on the popular Dogs of the Dow investing strategy are likely in for a bit of a
rough ride, given the lower dividends of the new stocks.
And a Rally Sallies Forth
The end of this notoriously cursed month brought good news and then ... more good news to Wall Street. Thumbing its nose at
history, the market soared on both Thursday and Friday, largely in response to economic reports that indicated the U.S. economy is growing at a nice clip without indications of inflationary distress.
increased at a rate of 4.8%, while the
Employment Cost Index
rose a mere 0.8% during the third quarter.
GDP Report: Join the discussion on
Drunk on the nice numbers, the Dow
leapt 227.64 by the final bell on Thursday, while Friday saw the
stagger to a record close. A
speech by our fearless
leader on Thursday night also left a generally favorable impression (of course,
not everyone was so easily impressed).
thrilling end to a fearful month: all treats, no tricks.
Staff reporter Thomas Lepri contributed to this story.