Word: crash
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Dates: during 1980-1989
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...point most thoughtful Wall Streeters agreed: the market had reached such dizzying heights that a correction of some sort seemed almost inevitable. Propelled by favorable economic news and a wave of multibillion-dollar takeovers, stocks had soared more than 1,000 points since the 1987 crash. But by last August some Wall Streeters were clearly worried. Noted Donald Stone, a floor specialist for Lasker, Stone & Stern: "I've been on the trading floor for 39 years, and I've never seen the market go up so fast for so long without a major break." Yet the bulls kept on running...
...looming anniversary of 1987's crash had prompted many on Wall Street to search for comparisons between 1987's boom and this year's. In an investor newsletter dated Oct. 1, Shearson Lehman Hutton cited twelve ways in which this year's rally seemed more likely to last. Among them...
Some safeguards installed in the market after the 1987 crash may have helped cushion last week's fall. In Chicago the Mercantile Exchange twice halted trading in S&P 500 futures contracts, which represent the stocks in the Standard & Poor's 500 index. The automatic cutoffs, or "circuit breakers," slowed the contracts' drop. In 1987 parallel free falls in New York and Chicago, which are linked by computerized trading programs, had aggravated the collapse. But last week some Chicago traders claimed that the stoppages in futures trading restricted the ability of some investors to hedge their losses, forcing them...
...takeover targets plunging across the board. "The arbs got their heads handed to them," said Anson Beard, the chief trader for Morgan Stanley. "Very few anticipated that the UAL buyout could fail." Small investors suffered less because they have been less active in the market since the 1987 crash...
When Iowa farmer Janice Sorenson turned up a huge, windmill-shaped hunk of titanium while harvesting corn last week, she knew exactly what she had found. General Electric had distributed photos of the disk in its search for the cause of the crash of a United Airlines DC-10 last July in Sioux City. The crash, which killed 112 passengers, has been blamed on the explosion of the jet's GE-made aft engine, which severed the aircraft's hydraulic control lines...