Glendale kids see `fortunes' grow
While the Dow Jones industrials rose a scant 2.2 percent last week, a group of savvy young investors in Glendale saw even better returns.
In a week's worth of trading, a group of Glendale sixth-graders in an investment club called the Golden Nuggets saw their on-paper stock portfolio's value grow by 49.11 percent.
It was the largest one-week gain nationwide in a student stock trading contest that offers the prize of 250 shares of GE common stock to the winning school.
The prize is worth more that $18,000.
The contest is sponsored by CNBC and MCI. It began last fall and the number of schools participating in the Internet-based competition has grown to more than 3,500.
Glendale Elementary is the only Southern Oregon school competing. Several Portland-area schools are competing too.
At the start, schools received a credit of $10,000 and a choice of 20 stocks to purchase. All the stocks are traded either on the New York Stock Exchange, the American Stock Exchange or the Nasdaq exchange.
Students buy and sell, testing their stock-picking skills against other young traders on a daily basis. Tournament standings are reported nationwide every evening on the CNBC business news segment. Top teams are highlighted in the report.
The tournament is located on the Internet at: www.cnbcsst.mci.com.