Word: 13th
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During the unrestful weekend after the stock market plunged 190.5 points on Friday the 13th, top U.S. financial officials knew it was up to them to help avert a panic the following Monday. At a pivotal two-hour meeting, Treasury Secretary Nicholas Brady, a former Wall Streeter, huddled with Alan Greenspan, chairman of the Federal Reserve Board, and Richard Breeden, head of the Securities and Exchange Commission. Sifting through the latest market data, the trio concluded that the Dow Jones industrial average would fall more than 50 points when the New York Stock Exchange opened Monday, but then would probably...
Greenspan provided far more than just verbal encouragement. To ensure that Wall Street had sufficient cash to buy stocks after the Friday the 13th sell- off, the Fed pumped $2 billion into the banking system Monday. Earlier, E. Gerald Corrigan, president of the New York Federal Reserve Bank, urged officials in Japan and West Germany to support the U.S. dollar to help restore confidence in American markets. "The U.S. had excellent crisis management this time," said Heiko Thieme, the Manhattan-based chief strategist for West Germany's Deutsche Bank...
Included among those running for the women's team will be Jones, Jody Dushay (who finished third at HYPs), freshman Rachel Lewis (6th), Ellen Villa (12th) and Hollie Moore (13th...
CAPTION: FRIDAY THE 13TH...
BUSINESS: The stock market posts its worst loss since the '87 crash as Friday the 13th stirs panic on Wall Street...