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It was the revenge of the old economy. For much of 1999 and early 2000 the traditional "legacy" stocks had reeled under the impact of the whizzy
technology-based newcomers. But by the final quarter of 2000 the tables were well and truly turned. The fashionable TMT (technology, media and telecoms) stocks crumbled rapidly: the TechMark 100 Index collapsed by 31 per cent during the three months October to December and ended 55 per cent down from its stratospheric high back in March. But many of the old economy stocks came back from the wilderness, led during this quarter by unglamorous sectors such as steel, food manufacturing, insurance and chemicals.
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