Word: barriers
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Dates: during 1970-1979
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...1920s, when not only classics but such modern books as James Joyce's Ulysses and D.H. Lawrence's Lady Chatterley's Lover were banned, an anticensorship movement arose to defend frankness in works of art. Ulysses was declared nonpornographic by District Court Judge John Woolsey in 1933. Another major barrier fell when Lady Chatterley's Lover was allowed to circulate in the U.S. in 1959. But the key constitutional case had come two years before in the Roth decision...
...time high of 1,051.70, perhaps in the next few weeks. Says Robert H. Stovall, vice president of Reynolds Securities: "The next 50 points will be easy." He and others think the fact that the Dow has closed above 1,000 even once will topple the "psychological barrier" in investors' minds, and publicity about the event will lure many small individual buyers. On the other hand, many investors have picked 1,000 as an arbitrary point at which to sell and cash in their gains...
Although stock prices remain stuck a bit below 1,000 on the Dow Jones industrial average, most Wall Streeters still think it is only a matter of time before the barrier crumbles and the U.S. economy continues its comeback. In back-and-forth trading last week the Dow average closed at 972.92, about even with the previous week's close. Simultaneously, however, the nation got some of the best news yet about prices and jobs. The wholesale price index in February dropped .5%; it was the fourth straight month in which that key indicator has either held steady...
Although the market is an important leading indicator, the price break had nothing to do with the state of the economy. Investors sold because they expected other investors to sell. In the minds of many traders, 1,000 has become a formidable psychological barrier; the market turned down in early 1966 just below that mark, and in early 1973 after going briefly higher. They expected a wave of selling when the average got near that point, so they sold to take profits-and the prophecy became self-fulfilling. Some further decline would not be surprising after the market...
...raised above the recently extended $560 million ceiling. It would also further reduce power output by 10% a year unless two-thirds of the state's legislators endorsed waste-disposal and safety measures. Many believe that the two-thirds approval required in the legislature constitutes an impassable barrier...