导航

The Stock Market

所属教程:In the News 更新:07-26
00:00/00:00
点击单词,可查看发音和词义哦。

This is Steve Emberwith the VOA Special English program In The News.

Values of American stocks have fallen sharply in recent tradingon United States markets. One measure of the value of Americanstocks is the Dow Jones Industrial Average. It follows the stockprices of the thirty leading industrial companies in the UnitedStates.

New YorkStock Exchange
New YorkStock Exchange

Although the Dow had its secondlargest one-day gain in history this week, it still has lost aboutfifteen percent of its value in the past month. That is its worstloss since the American stock market problems ofNineteen-Eighty-Seven.

A measure of the wider American market is called the Standard andPoor's Five-Hundred. It follows stock prices of a greater number ofleading American companies. These companies are not necessarilyindustrial. In the past year, the S-and-P 500 has fallen more thanthirty percent. That is its worst yearly performance sinceNineteen-Thirty-Seven.

The NASDAQ Composite Index is the third main measure of the valueof shares of American companies. NASDAQ stands for the NationalAssociation of Securities Dealers Automated Quotation System. It isan electronic stock market. Many of the companies on NASDAQ arelinked to technology. All buying and selling of NASDAQ stocks takesplace on the computer. NASDAQ has lot about thirty-five percent ofits value so far this year.

Some experts call the current situation a "bear market." Itdescribes a period when most stock prices are falling as investorssell shares. A "bull market" is the opposite. This is a period whenstock prices are climbing.

Financial problems and suspected wrongdoing by American companiesare partly to blame for the current bear market. Investors areworried that they might not be able to trust the financial reportingprovided by big companies.

For example, the failed energy company Enron is beinginvestigated for possible false reporting. Its financial examiner,the Arthur Andersen company, is close to failure also. Last month,the huge telecommunications company, WorldCom, admitted to falselyclaiming thousands of millions of dollars of costs as earnings. Ithas since declared financial failure and is seeking legal protectionfrom its debts.

The government is investigating the financial activities of someother big companies. Thursday, Congress approved new legislation inan attempt to make the financial reporting of companies honest andopen.

The current economic downturn also is the result of too muchinvestment in telecommunications businesses. These are companiesthat provide telephone, Internet and other electronic communicationservices. There has been huge growth in the industry in the pastseveral years. Now it appears that demand is less than was expectedfor telecommunications products and services. This has drivenprofits down among companies and stock prices have followed.

This VOA Special English program, In The News, was written byCaty Weaver. This is Steve Ember.

受欢迎的教程

下载听力课堂手机客户端
随时随地练听力!(可离线学英语)