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Spooked by a burst of inflation at home and worrisome economic signals abroad, the stock market suffered an anxiety attack last week. On Friday the Dow Jones industrial average plunged 71.46 points, the largest single-day decline since the 190-point minicrash on Friday, Oct. 13. Last week's loss sent the Dow to 2689.21, down 84.04 for the week...
Although Casey says the law was aimed at eliminating the waste production by large industrial chemical companies like Dow Chemical Corporation and the Monsanto Company, early drafts of the bill contained certain "technicalities that would have been overly burdensome" to several Harvard programs...
...American firms average 40% of their sales outside the country. This year's three biggest drug-company mergers all involved U.S. companies. Bristol-Myers (1988 sales: $6 billion) joined Squibb of Princeton, N.J. ($2.6 billion); Philadelphia's SmithKline Beckman ($3 billion) merged with Britain's Beecham ($3 billion); Merrell Dow ($1.3 billion) of Midland, Mich., merged with Marion Labs ($752 million) of Kansas City. "Pharmaceuticals is the one industry in which the U.S. firms are the biggest and growing the fastest," says Jay Silverman, a health-care analyst at the Nomura Research Institute in New York City...
...good news is that the New York stock market recovered quickly from its worst one-day crash in history (a free fall of 508 Dow Jones points in 612 hours on Oct. 19, 1987) and climbed back to its pre-crash high of 2722. The bad news is that if adjusted for inflation, the Dow would have to reach 3900 to match where it was as far back...
Most Bullish Stock Market. Hardly daunted by such trifling matters as the 1987 crash, the Tokyo Stock Exchange zoomed to 38,040 points on the Nikkei average last week, a gain of 500% from the start of the decade. By comparison, Wall Street's Dow Jones average rose...