Printer Friendly

GROWTH STOCKS, IPOS PROPEL NASDAQ TO RECORD YEAR; RETURN TO EQUITIES, VALUE INVESTING CHARACTERIZE 1991

 GROWTH STOCKS, IPOS PROPEL NASDAQ TO RECORD YEAR;
 RETURN TO EQUITIES, VALUE INVESTING CHARACTERIZE 1991
 WASHINGTON, Dec. 27 /PRNewswire/ -- Investors' overall return to equities, renewed interest in growth stocks, and a surge of initial public offerings (IPOs) have propelled The NASDAQ Stock Market to a record-breaking year in 1991. Share volume for 1991 is on track to a record 41 billion, and dollar volume is projected to be $690 billion. This shatters the previous all-time highs of 38 billion shares and $500 billion, respectively, set in 1987.
 "For most of the last 65 years, small and mid-sized growth stocks have outperformed large capitalization stocks over any extended period of time. During the 1980s, corporate restructuring with its emphasis on leverage and the resulting mergers and acquisitions diverted investors' attention," said Joseph R. Hardiman, president and chief executive officer of the National Association of Securities Dealers, Inc. (NASD). "In 1991, both individuals and institutions rediscovered equities in general and the small to mid-sized companies in particular. We expect this trend toward growth investing to continue."
 The NASDAQ Composite Index is up some 49.6 percent for 1991, almost tripling the Dow Jones Industrial Average's 1991 increase of nearly 17.06 percent, more than double the S&P 500's increase of almost 22.60 percent and outperforming the Russell 2000's increase of almost 37.95 percent. The NASDAQ Composite's gain is more than double the gains of the New York and American Stock Exchange composites.
 NASDAQ share volume exceeded NYSE's on 58 days during the year. It averaged more than 91 percent of NYSE share volume for the year, an all-time high.
 Through mid-December, NASDAQ's 302 IPOs have raised more than $7.5 billion. All 24 biotechnology IPOs issued this year have been in The NASDAQ Stock Market. The biotech sector has helped push NASDAQ's pharmaceutical index up more than 125 percent.
 "We believe that NASDAQ remains the market of choice for growth investors, who realize that it offers a fair and efficient market in which to participate in the reequitazation of American business," said Hardiman.
 Among this year's efforts to continue to serve the needs of investors, NASDAQ raised listing standards for companies not on the National Market System, virtually eliminating "penny stocks" from the market. It also completed the development of NASDAQ International, which is scheduled to become operational in January 1992. NASDAQ International will allow investors to trade U.S. listed equities on the NASDAQ system during London trading hours. Also in 1991, the NASD board of governors approved a proposed rule stipulating that short sales would be prohibited at or below the bid when the current bid is lower than the preceding bid.
 The NASDAQ Stock Market, with 4,100 companies, is the second largest stock market in the United States. More companies list on NASDAQ than on all the U.S. exchanges combined.
 -0- 12/27/91
 /CONTACT: Robert Ferri of the National Association of Securities Dealers, 202-728-8955/ CO: National Association of Securities Dealers, Inc. ST: District of Columbia IN: FIN SU:


DC-SB -- DC001 -- 5436 12/27/91 10:11 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 27, 1991
Words:514
Previous Article:NRC REPORTS PILGRIM ACHIEVED 'SUPERIOR LEVEL OF PERFORMANCE' IN EMERGENCY PREPAREDNESS, RADIOLOGICAL CONTROLS AND SECURITY
Next Article:DI INDUSTRIES ANNOUNCES THE SUCCESSFUL DRILLING OF ITS SECOND COALBED METHANE GAS WELL
Topics:


Related Articles
PAINEWEBBER POSTS RECORD FOURTH QUARTER AND YEAR END RESULTS; FOURTH SUCCESSIVE QUARTERLY INCREASE IN PROFITS
LBO REVERSALS, OTHER FACTORS INCREASING NEED FOR EQUITIES ISSUANCE, SIA SAYS; CORPORATE DEBT REFINANCING ALSO RISE
DOLLAR AMOUNT OF UNDERWRITINGS COULD TOP 1991 RECORDS, BUT MODERATION EXPECTED IN COMING MONTHS, SIA ECONOMISTS SAY
EQUITY FLOWS TO GROWTH COMPANIES: ONLY CHANCE TO BRING ABOUT RECOVERY
Venture Economics: U.S. Venture-Backed IPOs Escalate to 271 in 1999.
The Initial Listing Decisions of Firms That Go Public.
U.S. Stock Funds Sizzle in July, Says S&P.
American Stock Exchange Launches New IPOX-100 Index Exchange Traded Fund by First Trust Advisors, L.P.
The conflict between agency theory and corporate control on managerial ownership: the evidence from Taiwan IPO performance.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters