Word: dismalness
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...points-the ninth highest daily rise in history. In four more days of equally furious trading, the Dow rose 37.08 points in all, punching through 700 for the first time in five months to a week's close at 703.69. That was an impressive 22% above the dismal twelve-year low of 577.6 that the Dow reached early in December, and it stirred some hopes that the big bad bear market that began with the oil embargo of October 1973 might at last be over...
...Still Dismal. Sharply skidding car sales have played a major part in tipping the economy into its present deep recession. Production cutbacks have closed 20 auto plants; almost 300,000 workers-one-fifth of the industry's total-have been laid off. Automen complain that sales have been depressed by shrinking consumer confidence caused largely by Washington's inability to cope with the nation's inflation, recession and energy crisis. Another explanation comes from Auto Analyst Alfred Nelson of the Wall Street brokerage house of Cyrus J. Lawrence. Says he: "The sticker price went up an average...
...that the industry wants to have those hefty sticker prices in effect in case wage and price controls are imposed later on in the year. In addition, the automakers still contend that the high prices are justified by increased material and labor costs. In view of the still dismal state of the business, however, they may have to make yet another agonizing reappraisal of their position. Reason: unless auto sales pick up appreciably this year, chances for an economic recovery are dim. And if the economy does not start rebounding, the chances for a long-term boost in auto sales...
Your account of the dismal state of economics coverage reflected with great accuracy the concerns felt by professional economists (of whom I am one) as they read their daily newspapers or watch television...
...secret that, with some notable exceptions, the nation's 23,000 nursing homes are dismal places owned by investors far more interested in turning a fast profit than in caring for their elderly patients. Ralph Nader's group described nursing homes with depressing accuracy in a 1970 report. Mary Mendelson, a Cleveland community-planning consultant, exposed the industry's seamy side last spring in her well-researched book Tender Loving Greed (TIME, June 3). Last week nursing homes were once again under scrutiny, this time by federal and state investigators. In Manhattan, a subcommittee...