I'm very happy to see such a large audience. But this lecture on the stock market is meant for beginners. A stock is an ownership share in a business. Companies sell stock as a way to raise money without borrowing. People buy stock as an investment, in the hope of making a profit on an increase in the stock's price.
The stock market in the United States began in New York City in 1792. The New York Stock Exchange is the oldest financial market in the United States, and the largest stock market in the world.
The stocks of more than three thousand American and international companies are traded on the New York Stock Exchange. Together the stock represents about eighty percent of the value of all publicly owned companies in America.
Stockbrokers and dealers have been an important part of the traditional stock trading system. These financial experts are paid for their knowledge of financial markets and business. But, the Internet has made it easy for the general public to get information about companies and stocks. Many people now choose to control how their money is invested.
About fifty years ago, only five percent of Americans owned stock. They were usually very rich people trading shares with each other. Today, almost fifty percent of all Americans have stock holdings. And, sixteen percent of all stock trades take place over the Internet.
The expression used to describe such a period when the prices of most stocks are increasing is a "bull market.”A "bear market" is when most stock prices are falling as investors sell stocks.
Usually, investors in the United States have bought stocks they expected .to keep for many years. Over the long-term, the stock market has always increased. Short-term price decreases only affect people who sell stocks at prices lower than they paid for them. That is why during bull markets, experts tell investors to keep their stocks rather than to sell.
Recently, however, short-term trading has become more popular, especially one kind called day trading. Day traders seek to earn money from the daily changes in the price of a stock. Day trading is an extremely risky form of investing. It is possible to gain a large amount of money very quickly by day trading. Most day traders, however, lose money.
The performance of the stock market is measured by stock indexes. The Dow Jones Industrial Average follows the share prices of thirty leading industrial companies in the United States. The NASDAQ Composite Index is also a major stock index.
People usually have invested in companies that have strong earnings and a large share in their business market. But over the last few rears, stocks of companies that promise future growth have had the greatest demand.
In a few years, investors should be able to trade stocks twenty-four hours a day. Seven days a week. And, in the future, financial markets around the world are expected to be linked. We just have to be a little bit more patient。
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升学率 proportion of students entering higher schools
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远程教育 distance education
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扫盲 eliminate illiteracy
辍学青少年 school drop-out
学分制 credit system
创新精神 creativity/ innovation
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准博士 all but dissertation（ABD）
博士后科研流动站 Post-doctorate R&D Base
国家重点实验室 National Key Laboratory
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人文社科国家重点研究基地 National Key Research Center for Social Sciences
同等学历 have the same educational level (as the regular graduate or student of certain academic qualification)
特困生 the most needy student
民办学校 schools run by non-governmental sectors
社会力量办学 manage a school with societal resources
在职培训 on-job training；in-service training
单轨制 one-track system
双轨制 two-track system
放宽报名考生年龄限制 relax restriction on the required age of exam candidates
短训班 short-term class
进修班 refresher course
速成班 crash course
考勤 check roll
转学 school transfer
休学 schooling suspension
开除学籍 expulsion from school
品学兼优 excellent in character and learning
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教书育人 educate a person as well as inform book knowledge
因材施教 individualized instruction
人才流失 brain-drain situation
复合型人才 inter-disciplinary talent
走读生 day student / non-resident student
必修课 compulsory course / required course
选修课 optional course/ selective course
文化冲击 culture shock
都市文化 urban culture
诸子百家 the masters’ hundred schools
天下为公 The world is for all.
弘扬本民族优秀文化 carry forward one’s fine cultural heritage
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主导文化 dominant culture
“亲仁善邻”Benevolence and good-neighborliness