Word: bulling
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Dates: during 1980-1989
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...percentage terms, the 246% jump has been exceeded three times: by a 496% run-up in the eight years before the 1929 crash, a 371% recovery from 1933 to 1937 and a 355% climb between 1949 and 1961. But all those bull markets rose from far lower price levels; in dollar terms there has never been anything remotely resembling the current market binge. The Wilshire Index of the combined value of 5,000 stocks has climbed $2.2 trillion in the past five years, equal to half the U.S. gross national product of $4.4 trillion...
...another way, too, the current bull market is unlike any in the memory of the most seasoned stock traders: there has never been one that has whirled up so fast for so long with so little interruption. Nothing so far has been able to stop the bull. Not worries about gargantuan budget and trade deficits. Not a sharp drop in the value of the U.S. dollar between 1985 and mid-1987. Not even the stock-market equivalent of the law of gravity, specifying that the most rapid advances ought to be broken now and then by a substantial downward correction...
Another prop under the surging market is the widespread expectation that the economy is likely to enjoy some further, though modest, expansion. The - business advance that began in late 1982, shortly after the birth of the bull market, is reaching late middle age by historic standards. Since World War II there has been only one, during the 1960s, that lasted longer. Nonetheless, the consensus among Government, business and stock-market economists is a prediction of slowly growing production, rising corporate profits, a fairly small increase in inflation and relatively stable interest rates at least through most of 1988. One somewhat...
...final reason may be the bull market itself. The effect of stock prices on the broader economy is a subject of considerable dispute: the market has collapsed during business booms and skyrocketed during recessions. But some economists believe in what Allen Sinai, chief economist of Shearson Lehman Bros., calls a "positive feedback loop": a rising economy spurs stock prices, which in turn help to prompt further business growth...
...theory, at least, a bull market makes it easier for businesses to raise money for expansion and modernization by selling new stock. That effect may be muffled because big companies have run up worrisome debts either carrying out acquisitions or fighting off takeovers. But smaller firms are raising huge amounts of cash by selling their stock to the public for the first time. In just the first seven months of this year, once private companies raised $17.4 billion through initial public offerings, or two-thirds more than in the same period...