Word: dow
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Dates: during 1970-1979
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...investors as in the stock market of 1974. As traders worried about virulent inflation and mounting evidence of recession, many common stocks dropped to prices not seen since the 1950s. Rallies were brief and whimsical, reflecting sporadic technical adjustments rather than any lasting return of investor confidence. The Dow Jones industrial average sank to two twelve-year lows in two months, most recently on Dec. 6 when it dropped to 578. It closed last week at 593, up 15 points for the week but still 31% below the start of the year and fully 459 points below its alltime high...
Partly because the past year was so bad, the outlook for 1975 is somewhat brighter. If nothing else, analysts say, stock prices have discounted just about all the bad news that can be realistically expected and are due for an upturn, perhaps by spring, that could gradually push the Dow to around 800 by year's end (no higher than it was in early 1964). Their major reason: as the worsening recession bites into corporate profits and the rate of inflation, investors will sense that the economy is about to bottom out and will begin buying in advance...
Even before the year began, stocks had taken one of their worst skids in history. Pressured by the Arab oil embargo, swelling uneasiness over Watergate and the worsening specter of inflation, the Dow lost some 180 points in 60 days toward the end of 1973. The widely followed indicator rose to its 1974 high of 892 in March, then began a perilous saw-toothed decline that seemed almost irreversible (see chart...
...reckoning of outgoing Ohio Democratic Senator Howard Metzenbaum, depressed stock market prices offer newly rich oil-exporting nations the opportunity to control AT&T, Boeing, Dow Chemical, General Dynamics, General Motors, IBM, ITT, Lockheed, United Air Lines, U.S. Steel, Xerox and ten other major companies. A 51% interest in all these firms could be bought for some $47 billion, and the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) will accumulate much more surplus capital than that by the end of this year...
...jobless rate is now higher than in any month since October 1961. Until November, employment and unemployment had both been rising, but last month the number of people who have jobs fell by 800,000. The news helped send the stock market reeling to another twelve-year low. The Dow Jones industrial average tumbled 41 points during the week, to a close of 578. The Federal Reserve moved to help the economy by making borrowing easier; it dropped the discount rate on loans to member banks from...