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Later in the week, Washington had good news: the Producer Price Index rose ! by a moderate 0.4% in April, a smaller leap than most experts had feared. Wall Street responded Friday by pushing the Dow Jones industrial average up 56.82 points to 2439.70, its highest level since the October 1987 crash. But when the sharp increases that took place during the first four months of the year are taken into account, wholesale prices are still zipping upward at a rapid 9% annual rate. The conflicting trend lines -- down in retail sales, up in producer prices -- heightened concerns about a return...
...growth or a genuine recession. Bullish investors initially set off a rally Friday on the assumption that inflation might no longer be a danger and the Federal Reserve Board would soon allow interest rates to fall. But fear of a slump took hold later in the day, sending the Dow Jones Industrial Average to 2381.96 at the closing bell, down 2.94 points for the day and 36.84 for the week...
...commission-driven Wall Street professional, which is probably why his readers like him. He is a former professor of philosophy, carelessly dressed, with watery blue eyes and a fleshy, houndlike face. He is still doing penance for his 1987 performance, having vowed not to smoke another cigar till the Dow Jones average tops 2722. He tends to dwell on his losses, even though he started out with $8,000 in 1977 and by taking his own advice has boosted it to $422,000. Charles Allmon, a rival newsletter editor, suggests that Frank is a ringer, a "riverboat gambler" suitably disguised...
...many of the yachts and the black-tie dinners -- along with more than 8% of the 260,000 employees who worked in the U.S. securities industry before the collapse. And despite the cost cutting, a fresh wave of gloom rolled through investment houses last week. Even as the Dow Jones industrial average surged 72.40 points to a post-crash high of 2409.46, blue- chip firms announced setbacks that ranged from layoffs to plunging profits. Says Perrin Long, who follows the securities industry for Lipper Analytical Services in Manhattan: "A new reality...
...federal regulators liquidate everything from condominiums to gravel pits, they must move carefully to avoid triggering a plunge in property values. -- Despite a rising Dow, Wall Street faces more layoffs and falling profits. -- Control Data pulls out of the supercomputer market, leaving Cray Research as the sole U.S. firm to compete against rival Japanese manufacturers...