E*Trade will announce tomorrow that the online brokerage house plans to give away $1 million to the person who accurately guesses what the Dow Jones Industrial Average close will be on New Year's Eve 1999.
A growing number of investors are turning to the Internet to conduct research and gather financial data before placing trades through their online trading accounts. The online trading sector has been growing by leaps and bounds in recent years.
The winning entry must name the closest price to the actual closing price of the blue chip index within the one-hundredth decimal place.
The company said its new eMillionMania promotion is aimed at giving individual investors an opportunity to show up Wall Street analysts.
E*Trade said the contest is open from now through November 28 or until 10 million entries are received, whichever comes sooner. People can enter to win regardless of whether they are E*Trade account holders, and no purchase is necessary. Entries can be submitted at eMillionMania.com, and only one entry per person will be accepted.
The winner will be announced in January 2000.