Word: bulls
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Dates: during 1960-1969
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Business section makes its debut with a spot-news cover on the bulls and bears of Wall Street. The progress of the bull market has been portrayed on TIME'S cover five times previously, beginning with a baby bull in 1948. A baby bear-just a friendly cub-first turned up, sliding down a falling graph, in the background of a 1958 cover...
...that the twelve-year bull market is at an end, the bear has become a more formidable character on this week's cover. The story was written by Marshall Loeb, 33, with some feeling, since of the ten stock issues in which he has small holdings, three were among the 15 biggest losers in the current slide...
...Manhattan's Village Gate cabaret, Navarro announces (in Spanish and infant English) that the great liner is setting sail from New York-"ba-hoooooo." Then Spain and 10,000 oles as the matador enters the corrida. A veronica ("shwuss") and the bull flies past ("bohr-uhm, bohr-uhm"). Another 10,000 oles. With only a word here and there, Navarro moves on to England for the Queen's birthday and produces an affair of state: troops marching, planes swooping close by them (the sound of both at once), rifle fire, drums, bagpipes, bugles, hoofbeats, helicopters...
Where does the market stand now? The consensus of many leading Wall Streeters was expressed last week by Frederick Millett, research partner of highly respected Goodbody & Co.: "The bull market is over; we are in a bear market...
Then, with the Korean war, a new boom-and-inflation cycle set off the roaring bull markets of the '50s. The war itself sent the Government on a buying spree, and the cease-fire released a burst of dammed-up consumer demand for cars, houses, appliances. Its confidence bolstered by Dwight Eisenhower's election, business began to expand. As the economy reached new highs, big wage hikes were followed by still bigger price rises. The real value of the dollar went down by 3∧ every year...