大学英语四六级考试精读(三)
<p> <span word="Passage">Passage</span> <span word="Seventeen">Seventeen</span> </p><p> <span word="The">The</span> <span word="increase">increase</span> <span word="in">in</span> <span word="the">the</span> <span word="margin">margin</span> <span word="rate">rate</span> <span word="from">from</span> 50% <span word="to">to</span> 70% <span word="was">was</span> <span word="not">not</span> <span word="an">an</span> <span word="attempt">attempt</span> <span word="to">to</span> <span word="stem">stem</span> <span word="any">any</span> <span word="rampant">rampant</span> <span word="speculation">speculation</span> <span word="on">on</span> <span word="the">the</span> <span word="part">part</span> <span word="of">of</span> <span word="the">the</span> <span word="publicactually">publicactually</span> <span word="the">the</span> <span word="market">market</span> <span word="seemed">seemed</span> <span word="technically">technically</span> <span word="quite">quite</span> <span word="strong">strong</span>, <span word="with">with</span> <span word="public">public</span> <span word="participation">participation</span> <span word="essentially">essentially</span> <span word="dignifiedbut">dignifiedbut</span> <span word="rather">rather</span> <span word="an">an</span> <span word="attempt">attempt</span> <span word="by">by</span> <span word="the">the</span> <span word="Federal">Federal</span> <span word="Reserve">Reserve</span> <span word="Board">Board</span> <span word="to">to</span> <span word="preserve">preserve</span> <span word="the">the</span> <span word="sound">sound</span> <span word="underpinnings">underpinnings</span> <span word="that">that</span> <span word="existed">existed</span> <span word="in">in</span> <span word="the">the</span> <span word="market">market</span>. <span word="Naturally">Naturally</span>, <span word="such">such</span> <span word="a">a</span> <span word="move">move</span> <span word="had">had</span> <span word="a">a</span> <span word="momentarily">momentarily</span> <span word="chilling">chilling</span> <span word="effect">effect</span> <span word="upon">upon</span> <span word="prices">prices</span> <span word="but">but</span> <span word="if">if</span> <span word="the">the</span> <span word="FRB">FRB</span> <span word="had">had</span> <span word="been">been</span> <span word="preoccupied">preoccupied</span> <span word="with">with</span> <span word="undue">undue</span> <span word="speculation">speculation</span>, <span word="the">the</span> <span word="increase">increase</span> <span word="might">might</span> <span word="have">have</span> <span word="been">been</span> <span word="to">to</span> <span word="the">the</span> 80% <span word="or">or</span> <span word="even">even</span> 90% <span word="level">level</span>. <span word="Such">Such</span> <span word="an">an</span> <span word="increases">increases</span> <span word="in">in</span> <span word="the">the</span> <span word="margin">margin</span> <span word="rate">rate</span> <span word="is">is</span> <span word="a">a</span> <span word="confirmation">confirmation</span> <span word="of">of</span> <span word="a">a</span> <span word="strong">strong</span> <span word="stock">stock</span> <span word="market">market</span> <span word="and">and</span> <span word="since">since</span> 19,<span word="such">such</span> <span word="increases">increases</span> <span word="have">have</span> <span word="resulted">resulted</span> <span word="in">in</span> <span word="interim">interim</span> <span word="market">market</span> <span word="highs">highs</span> <span word="over">over</span> <span word="twelve">twelve</span> <span word="months">months</span> <span word="later">later</span>. <span word="Obviously">Obviously</span>, <span word="there">there</span> <span word="could">could</span> <span word="be">be</span> <span word="no">no</span> <span word="guarantee">guarantee</span> <span word="that">that</span> <span word="this">this</span> <span word="would">would</span> <span word="once">once</span> <span word="again">again</span> <span word="be">be</span> <span word="the">the</span> <span word="case">case</span>, <span word="but">but</span> <span word="if">if</span> <span word="history">history</span> <span word="is">is</span> <span word="any">any</span> <span word="guidelineand">guidelineand</span> <span word="if">if</span> <span word="business">business</span> <span word="and">and</span> <span word="corporate">corporate</span> <span word="earnings">earnings</span> <span word="were">were</span> <span word="to">to</span> <span word="continue">continue</span> <span word="on">on</span> <span word="the">the</span> <span word="same">same</span> <span word="coursecontinued">coursecontinued</span> <span word="optimism">optimism</span> <span word="over">over</span> <span word="the">the</span> <span word="outlook">outlook</span> <span word="for">for</span> <span word="the">the</span> <span word="stock">stock</span> <span word="market">market</span> <span word="would">would</span> <span word="seem">seem</span> <span word="more">more</span> <span word="prudent">prudent</span> <span word="than">than</span> <span word="pessimism">pessimism</span>.</p><p> <span word="The">The</span> <span word="margin">margin</span> <span word="increase">increase</span> <span word="underscored">underscored</span> <span word="the">the</span> <span word="good">good</span> <span word="rise">rise</span> <span word="that">that</span> <span word="stocks">stocks</span> <span word="had">had</span> <span word="enjoyed">enjoyed</span> <span word="for">for</span> <span word="the">the</span> <span word="previous">previous</span> <span word="yearand">yearand</span> <span word="the">the</span> <span word="fact">fact</span> <span word="that">that</span> <span word="a">a</span> 50% <span word="rate">rate</span> <span word="was">was</span> <span word="maintained">maintained</span> <span word="as">as</span> <span word="long">long</span> <span word="as">as</span> <span word="it">it</span> <span word="was">was</span> <span word="pointed">pointed</span> <span word="up">up</span> <span word="the">the</span> <span word="fact">fact</span> <span word="that">that</span> <span word="the">the</span> <span word="rise">rise</span> <span word="was">was</span> <span word="mainly">mainly</span> <span word="conservative">conservative</span> <span word="in">in</span> <span word="that">that</span> <span word="it">it</span> <span word="was">was</span> <span word="concentrated">concentrated</span> <span word="in">in</span> <span word="the">the</span> <span word="blue">blue</span> <span word="chips">chips</span> <span word="for">for</span> <span word="the">the</span> <span word="most">most</span> <span word="part">part</span>. <span word="In">In</span> <span word="past">past</span> <span word="Investment">Investment</span> <span word="Letters">Letters</span> <span word="we">we</span> <span word="have">have</span> <span word="voiced">voiced</span> <span word="the">the</span> <span word="thought">thought</span> <span word="that">that</span> <span word="speciality">speciality</span> <span word="stocks">stocks</span> <span word="could">could</span> <span word="outperform">outperform</span> <span word="the">the</span> <span word="general">general</span> <span word="market">market</span> <span word="from">from</span> <span word="this">this</span> <span word="point">point</span>. <span word="We">We</span> <span word="continue">continue</span> <span word="to">to</span> <span word="believe">believe</span> <span word="that">that</span> <span word="this">this</span> <span word="could">could</span> <span word="be">be</span> <span word="the">the</span> <span word="case">case</span>. <span word="For">For</span> <span word="example">example</span>, <span word="steel">steel</span> <span word="stocks">stocks</span> <span word="tend">tend</span> <span word="to">to</span> <span word="sell">sell</span> <span word="at">at</span> <span word="certain">certain</span> <span word="fixed">fixed</span> <span word="price">price</span>/<span word="earnings">earnings</span> <span word="ratios">ratios</span>. <span word="Below">Below</span> <span word="a">a</span> <span word="certain">certain</span> <span word="ratio">ratio</span> <span word="they">they</span> <span word="are">are</span> <span word="considered">considered</span> <span word="good">good</span> <span word="valueabove">valueabove</span> <span word="a">a</span> <span word="certain">certain</span> <span word="ratio">ratio</span>, <span word="overpriced">overpriced</span>. <span word="If">If</span> <span word="a">a</span> <span word="company">company</span> <span word="produces">produces</span> <span word="a">a</span> <span word="unique">unique</span> <span word="product">product</span> <span word="it">it</span> <span word="is">is</span> <span word="far">far</span> <span word="more">more</span> <span word="difficult">difficult</span> <span word="for">for</span> <span word="market">market</span> <span word="analysis">analysis</span> <span word="to">to</span> <span word="place">place</span> <span word="a">a</span> <span word="numerical">numerical</span> <span word="ratio">ratio</span> <span word="upon">upon</span> <span word="the">the</span> <span word="companys">companys</span> <span word="earnings">earnings</span>. <span word="We">We</span> <span word="have">have</span> <span word="also">also</span> <span word="contended">contended</span> <span word="in">in</span> <span word="the">the</span> <span word="past">past</span> <span word="Letters">Letters</span> <span word="that">that</span> <span word="the">the</span> <span word="stock">stock</span> <span word="market">market</span> <span word="reflects">reflects</span> <span word="mass">mass</span> <span word="psychology">psychology</span> <span word="as">as</span> <span word="well">well</span> <span word="as">as</span> <span word="the">the</span> <span word="business">business</span> <span word="outlook">outlook</span>. <span word="When">When</span> <span word="investorsboth">investorsboth</span> <span word="the">the</span> <span word="public">public</span> <span word="and">and</span> <span word="the">the</span> <span word="institutionsare">institutionsare</span> <span word="nervous">nervous</span> <span word="and">and</span> <span word="pessimistic">pessimistic</span> <span word="they">they</span> <span word="definitely">definitely</span> <span word="hesitate">hesitate</span> <span word="to">to</span> <span word="buy">buy</span> <span word="stocks">stocks</span>: <span word="they">they</span> <span word="seek">seek</span> <span word="low">low</span> <span word="price">price</span>/<span word="earnings">earnings</span> <span word="multiples">multiples</span> <span word="and">and</span> <span word="high">high</span> <span word="yields">yields</span>. <span word="These">These</span> <span word="same">same</span> <span word="investorswhen">investorswhen</span> <span word="they">they</span> <span word="are">are</span> <span word="in">in</span> <span word="an">an</span> <span word="optimistic">optimistic</span> <span word="frame">frame</span> <span word="of">of</span> <span word="mindbecome">mindbecome</span> <span word="for">for</span> <span word="less">less</span> <span word="preoccupied">preoccupied</span> <span word="with">with</span> <span word="yields">yields</span> <span word="and">and</span> <span word="more">more</span> <span word="wiling">wiling</span> <span word="to">to</span> <span word="pay">pay</span> <span word="a">a</span> <span word="premium">premium</span> <span word="for">for</span> <span word="accelerated">accelerated</span> <span word="growth">growth</span>. <span word="If">If</span> <span word="the">the</span> <span word="publics">publics</span> <span word="attitude">attitude</span> <span word="towards">towards</span> <span word="the">the</span> <span word="auto">auto</span> <span word="industry">industry</span> <span word="is">is</span> <span word="any">any</span> <span word="measure">measure</span>, <span word="then">then</span> <span word="this">this</span> <span word="period">period</span> <span word="seems">seems</span> <span word="to">to</span> <span word="have">have</span> <span word="been">been</span> <span word="one">one</span> <span word="of">of</span> <span word="optimism">optimism</span>.</p>
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