Word: dow
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...recession alarms swiftly spread to the world's financial markets, where stock prices plunged. On Wall Street the Dow Jones industrial average fell 93.31 points Monday, then recovered a bit, but closed the week at 2716.58, down a total of 93.07. As recently as July 16, the Dow had climbed to an all- time high of 2999.75. In Japan, which is almost wholly dependent on foreign oil, the Nikkei Index of 225 stocks closed Friday at 27,329.55, down 7.4% for the week and 11.4% since Iraq invaded Kuwait...
Money manager Paul Tudor Jones makes money every year -- he made 201% in the crash year 1987 -- so in May I paid special attention when he gave a gloomy interview in Barron's. If Jones thought the Dow was precarious at 2650, so did I. It zoomed, leaving me with my puts and my shorts and my dwarfs...
Chastened, I decided to cut out the lag time between interview and publication. I called Marty Zweig, another market star, who updates his tape- recorded advice daily. The Dow had just closed down 34 points the Friday before Memorial Day, and I wanted to know whether the bear was back. "The market does not go down prior to holidays all that often," Zweig's tape explained, "but when it does, the odds are about 7 out of 8 that the next day will be lower." It shot up 49 points...
...gains are not as dramatic as the headlines. Yes, the Dow has jumped from 2669 at the beginning of May to 2961 Friday. But that's just an unlustworthy 7% or so after commissions and taxes...
...alone. As usual, the market's jump caught most people by surprise. A May 7 Business Week story titled "How Low, Dow Jones?" had one pair of bears answering: 1000. That same day Howard Ruff's newsletter explained that "the momentum chart is very bearish. Every other major stock index has fallen below its longterm optimal moving average, making it nearly impossible for the Dow not to soon follow suit. Watch out below!" Mutual funds were sitting with record amounts of cash. Individuals had sold vast numbers of shares short, anticipating a decline...