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...inflation low, the Conference Board reported that the consumer confidence index rose to 127.1 in May. It was the highest rating since the index stood at 131.7 in August 1969. Because consumer spending accounts for nearly two-thirds of the nation's economic activity, the reports sent the Dow down in early trading on fears that the news meant a too-rapid acceleration in economic activity, which might prompt the Federal Reserve to raise interest rates. But the market quickly recovered to finish up 37.50 at 7,383.41 as investors considered other indicators, such as slowing consumer consumption, that seem...
...Street analysts who were braced for a short-term interest rate increase, the Federal Reserve Tuesday opted to leave the rates unchanged. Stocks rose sharply after the news, ending a rollercoaster day that had sent prices down as much as 80 points in the morning with a 74-point Dow advance to 7303. The decision will hold the rate that commercial banks charge one another for overnight loans at 5.5 percent. A rate hike would have meant higher borrowing costs for millions of credit card-wielding Americans, but would also have slowed the economy and dampened inflation. Characteristically refusing...
Uncertainty over interest rates and the economic outlook is behind all the turbulence. Expect more. Consider last Tuesday, when the government reported a slowing in manufacturing activity and, more important, a noninflationary 0.6% rise in labor costs in the first quarter. The news sent the Dow surging 179 points, its second best daily performance ever. A day later, investors applied the brakes on hearing that the economy grew an astounding 5.6% in the first quarter--too fast for comfort. But a closer look at the numbers showed inflation remained dormant. Don't put away the Dramamine just yet. The markets...
NASA may have the "vomit comet" to brace astronauts for space flight. But if you're looking for a real stomach-turning ride, try Wall Street. In a seven-week trip, the Dow Jones industrial average plunged nearly 700 points from mid-March to mid-April, only to suddenly turn full-throttle upward. In one of the dizziest weeks of the year, the Dow closed up 332.22 points to a near record...
...Policy." Meanwhile, bond traders hit the phones with sell orders, betting that a May 20th rise in interest rates was in the cards. Friday, by the time stock markets opened, investors were following the Post's view that Greenspan's remarks mean a rise is now less likely. The Dow quickly ran up 57 points after the opening bell, then fell 100 points, then rose again to finish the day up 32.91 at 7,169.53. The best interpretation, says TIME's Adam Zagorin, lies somewhere in between the headlines. "What Greenspan said is while he doesn't seem to think...