Word: y2k
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...NASDAQ. The tech-heavy stock index continued its surge into record territory Thursday morning, after Wednesday's historic breaking of the 4,000 barrier. And while the good new continued for the Dow and the S&P 500, both of which surged in the last trading session before Y2K, neither has been able to match the NASDAQ comebaq. That index's outperforming of both the Dow and the S&P may make 1999 the year tech stocks finally silenced their naysayers. "The NASDAQ represents the vanguard of the American economy," says TIME senior business writer Bernard Baumohl. "Many...
...Doubters may counter that the tech-stock surge is Y2K-related, and that business has been booming precisely because major corporations have invested heavily to fumigate their systems against bugs. "But," says Baumohl, "it's unlikely that there'll be a reduction in capital expenditure on technology once the Y2K problem has passed - companies are more likely to maintain that investment in order to stay ahead. There may be a shakeout in the NASDAQ in the coming months, but it will probably still outperform the DOW and S&P again next year, and in the foreseeable future...
...that raged through Europe over the weekend, leaving at least 130 people dead and billions of dollars in damage, has also left up to 5 million French people without electricity - and the government has admitted that many won't have their power restored by the New Year. "France's Y2K preparations are pretty good," says TIME Paris correspondent Bruce Crumley. "But nothing could have prepared for this. Here you have stable infrastructure, such as pylons, being destroyed, and that's going to take a lot of man-hours...
...They estimate fewer than 10 percent of all Y2K-related failures will occur during the first two weeks of January, with 55 percent of them spread throughout the whole coming year...
...United States, Britain, Australia, Canada, Sweden and the Netherlands are probably the most advanced when it comes to Y2K computer compliance, while the countries lagging behind are Russia, other former Soviet states, India, Pakistan and the Afghanistan region, and parts of central and western Africa, they told reporters on a conference call. MORE...