Word: dow
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
Economic Home Run. The first public reaction to this program was a mixture of approval and uncertainty. The most volatile economic indicator, the stock market, wobbled nervously. On the day after Nixon's speech, the Dow Jones industrial average fell nearly eight points, and it closed the week at 894. Investors found it difficult to appraise the program, and they were particularly unsure about what actions the new Interest and Dividends Committee might take...
...guarded confidence at home. Some of the week's developments: THE ECONOMY. With the first rush of excitement subsiding, businessmen and consumers began looking for signs of the impact that Nixon's new program was having on the economy. The New York Stock Exchange's Dow Jones industrial average, which had soared to a high of 908.37 the previous week, started the week lower as Wall Street investors consolidated their gains and began to digest the possibility of an excess-profits tax; but it ended strongly at 912.75. The wholesale cost of food, industrial raw materials...
Partly as a result of the postponed approval of a large nuclear power plant in Midland (pop. 35,000), the Dow Chemical Co.-the city's biggest employer-announced that it intends to move one of its small chemical plants to the Gulf Coast, where electrical power is still relatively abundant and cheap. Many Midlanders jumped to the obvious conclusion that if the nukes were not quickly completed and placed in operation, Dow might shut down more of its Midland-based operations. Fearing for their jobs, they bought a full page ad in a local newspaper attacking environmentalist critics...
...ECONOMY. Confidence among consumers and businessmen continued to rise, but it was tempered with caution and a lingering sense of confusion. The New York Stock Exchange's Dow Jones industrial average leaped to a high of 908.37 during trading last week; it closed at 908.15, up from 880.91 the week before. Chemical Bank, the nation's sixth largest, made an across-the-board cut on consumer loans and pared its mortgage rate by .5% to 7%. Retail sales round the country hovered near their prefreeze levels, except for a last-minute scramble to snap up untaxed foreign-made...
Businessmen may also feel confident enough to spend much more. After Nixon's speech, a top economist at Chase Manhattan Bank revised estimates for capital spending upward by a minimum of 20%, and leaders of many large corporations ordered complete budget reviews. Said Paul Oreffice, financial vice president of Dow Chemical: "Our budget for new plants over the next year could go up from its present level of $150 million to as much as $200 million." One major complaint was the one-year time limit on the maximum 10% credit. The incentive would have almost no effect during...