August 15, 2002


    Today, the stock market rose about 1%, bringing the S&P 500 to 930, or 16.5% above its July 24th bottom of 798, and the NASDAQ index to 1,345, or 13% above its July low of 1,190. (The Dow ended the day at 8,818, or 14.5% above its low of 7,700.) These are hefty gains for a three-week period, but the stock market will take a shellacking if we invade Iraq. It would presumably recover after the war is over, but it would sag until the outcome is clear.
    Jack Grubman has been discussed here before, but the poor fellow will have to take the tens of millions of dollars he's earned and hang his shingle somewhere else.

Market Overview
Star Analyst Grubman Resigns Under Fire