Abstract
The second quarter was fraught with peril for the U.S. stock markets. The Dow Jones industrial average spent the quarter trying unsuccessfully to recover from a three-month decline that hit bottom in March. And in mid-April, the National Association of Securities Dealers Automated Quotations (NASDAQ) index, made up largely of technology stocks, plummeted from its Valhallaian heights. Although the plunge was not fatal, many investors felt that their legs had been broken. Only in the past couple of weeks has NASDAQ growth returned to positive territory for the year. The corrections, as they are called when markets drop 20% or more, certainly slowed growth for pharmaceutical and biopharmaceutical stocks and did nothing to stop an overall decline in chemical stock prices. Chemical stocks, which have been out of favor with investors enamored with high-technology equities, have been slumping since last summer, with a small upturn at the end of 1999. ...
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