MERRILL <MER> CHAIRMAN AND CFO ARE OPTIMISTIC
In a joint statement, Merrill Lynch and
Co Inc chairman and chief executive William Schreyer and chief
operating officer Daniel tully said that despite the
unprecedented stock market decline, they are confident that an
upturn lies ahead.
    "In the view of our market experts, yesterday's
unprecedented stock market decline was an over-reaction to
fears of higher interest rates, more inflation and a lower
dollar. Indeed, after examining many factors, there is reason
to believe than an upturn lies ahead," the statement said.
    The Merrill Lynch executives also said in the statement
that the fact that bonds rallied, commodities weakened and the
dollar remained relatively firm suggests that the central banks
may now act to provide the system with additional liquidity.
    "While further carry-over selling from yesterday and
worries about a stock decline in Japan may put further pressure
on the market in the near-term, we believe that this central
bank cooperation would provide the fuel for a recovery in stock
prices and a revival of confidence relecting fundamental
values," the statement said.
 Reuter
