Word: belled
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Dates: during 1980-1989
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...Board opens. At the bell, the Dow is already off 67 points. In the next 30 minutes, 50 million shares are sold. At DLJ two blocks away, glowing green figures on computer consoles trace the market's fall. "We're going underwater!" shouts Trader John Sesko as he pops Tic Tac candies into his dry mouth. "55,000 Pepsis to sell!" barks one trader. "60,000 GM to sell!" yells another. The cries do not stop. "Boston wants to sell 30,000 J.P. Morgan!" Long before lunchtime, a trader shouts, "Hamburger to go! Hamburger to go in six figures...
Rumors of a shutdown sweep the Palazzo Mezzanotte trading floor as the opening bell fails to ring. Finally the dealing begins, one hour late. As Fiat, Olivetti and other stocks lose 10% of their value, trading is stopped in each...
...banks' moves spur a closing rally. The Dow winds up at 1841.01, a climb of 102.27 points. Trading breaks Monday's volume record. At the bell, Phelan waves from a balcony overlooking the floor. Relieved traders wave back and cheer...
Before the final bell, 90 large companies announce plans to buy back their own shares. Phelan has asked the big-fund managers to avoid automatic programmed purchases and, above all, sales. This feeds the surging optimism and causes the Dow's biggest single-day climb ever: up 186.84 points, to 2027.85. More than half of Monday's loss is recovered...
Just before the opening bell, Phelan reads aloud a message from President Reagan praising traders for their "calm, professional" work during the frantic week. Citibank lowers its prime rate by a quarter-point, to 9%; other New York banks follow within 20 minutes. Inexplicably, the market plummets 138 points in the first 45 minutes...