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The week ending July 19, 2002, was among the most volatile and harrowing in recent memory, terminating in a 390-point free-fall on Friday. For the week, the Dow Jones was off more than 7.5%, losing 665 points to close slightly higher than 8000. Its two-week loss of more than 1300 points represents 14.5%. The Standard and Poor's 500 and Nasdaq Composite also lost heavily.

Markets recovered on the Friday after the Fourth of July holiday from what had been a disastrous week. The Dow Jones 324-point advance, or 3.6%, left it at 9379 for the week ending July 5, 2002, a 136-point surplus. The Standard and Poor's 500 and Nasdaq Composite increased 3.7% and 5%, respectively, for the day.

Major stock indexes suffered their fourth consecutive week of overall decline for the week ending June 14, 2002. The Dow Jones lost 115 points to close at less than 9500; the Standard and Poor's 500 settled at 1007 following a nearly 2% decline of 20 points; and the Nasdaq composite shed 2% also, to finish at slightly higher than 1500.

The Dow Jones 336-point loss for the week ending June 7, 2002, a nearly 4% decline, was urged by angry investor reaction against Intel, which lost nearly 20 percent on Friday alone on a staggering volume of more than 150 million shares traded. The Nasdaq Composite's 4.6% drop left it at 1535.

Major market indexes rose dramatically for the week ending May 17, 2002. The Nasdaq profited from an influx of capital into semiconductor stocks, gaining nearly 9% to close slightly higher than 1740. The Dow Jones parleyed better-than-expected retail sales into a 400-point increase, or 4.2%, to 10,353.

A tech-related rally failed for the week ending May 3, 2002, with the Nasdaq shedding value and the Dow treading water. Technology and telecommunications stocks are resistant to every effort at enthusiasm by investors.

A panel of money managers review forecasts for U.S. equities markets for 2002, based on often contradictory indicators such as consumer confidence, corporate profits, and major indexes.

Investors believed the bad news on corporate earnings and accounting malfeasance, and neglected a glowing first-quarter GDP report, judging by stock index performance the week ending April 26, 2002. The Dow Jones closed slightly higher than 9900, on a weekly loss of almost 350; the Nasdaq Composite's 7.4% drop, to under 1700, put the index down almost 15% in 2002; and the S and P 500 lost almost 50 points, bringing it 6.25% under its value at year's beginning.

Better-than expected profit announcements invigorated major stock indexes for the week ending April 19, 2002. The Dow Jones Industrial Average, on a gain of 56 points, rose 0.5% to 10,257; Standard and Poor's 500 closed at 1125, a 1.2% increase of 14 points; and the Nasdaq Composite added 40 points, closing at 1797, a 2.3% increase.

A 3.2% drop in the Nasdaq for the week ending March 15, 2002, is blamed on concerns for tech industry profits. The Dow Jones and Standard and Poor's 500 both witnessed minimal gains for the week.

Major equities indexes fluctuated throughout the week ending February 1, 2001, generating marginal gains or losses and offering uncertain footing for analysis. Investors are troubled by indications of accounting malpractice in the Enron case.

Major stock price indexes declined for the week ending January 18, 2002, as dour corporate earnings reports, bankruptcy fears from asbestos-related lawsuits, and the ongoing meltdown in Argentina harried investors from roiling equities markets.

The Nasdaq composite climbed another 27 points, or 1.4%, to 1930 for the week ending November 30, 2001, marking a 35% increase of over 500 points since bottoming out at 1423 on September 21, 2001. The tech sector rally overshadowed less-than-hopeful weeks for the Dow Jones and Standard and Poor's indexes.

Major stock indices, notably the Dow Jones and Nasdaq Composite, welcomed increases due to the Treasury's announcement that 30-year notes would be curtailed. Analysis is presented arguing that electric utilities represent a more profitable long term investment than the Nasdaq.

Stock price indexes rose again for the week ending October 12, 2001, the third consecutive weekly increase. Nasdaq's 98-point gain, to 1703, represented a 6% improvement. The Standard and Poor's 500 and Dow Jones Industrial also realized heartening valuation increases.

Volatile one-day swings and steep weekly losses have plagued major stock indexes in July, 2002. That a bear market prevails is without question; all that remains is when markets will hit bottom. Arguments in favor of a low Dow Jones valuation of 7400 are presented.

Stock price rallies in major indexes followed a favorable April, 2002 consumer confidence report. The report did not cause the rallies, but contributed to a complex set of temporarily favorable circumstances. A rational valuation of markets relative to the underlying strength of the economy is muted.

Penny stocks, stocks valued at under one dollar and considered speculative, comprise an unwholesomely high percentage of Nasdaq stocks at 9%. Analysts criticize Nasdaq for elastic listing rules, allowing companies to trade that should probably be de-listed.