Surfing on Wall Street

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Whatever else the Correction of '97 signifies, it will be remembered for sanctifying online money managing as the way to go for serious market players, reports the Netly News.

Although online brokerages such as Schwab, Discover and Waterhouse were inaccessible for much of Monday morning after receiving double or even triple their normal traffic, by the end of Turnaround Tuesday even E*Traders were better off than the thousands of furious investors who reached busy signals - instead of brokers - during the Dow's bullish backlash.

Alex Goor, Vice President of Datek, an online brokerage with 50,000 accounts and $500 million in assets, proclaimed that Monday "will go down in history as the day people learned that the only way to invest was online." And financial services with even a 15-minute delayed update are "a thing of the past," says's CEO Tom Henry. "It's the equivalent of reading quotes in the Journal the next day."

  • Read the full story in the Netly News