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...Government reported that consumer prices for the month of April increased 0.4%. During the first four months of the year, prices rose at a moderate annual rate of 4.5%. But concern that inflation may be on the verge of accelerating helped cause last week's 2% drop in the Dow Jones industrial average...
Among the six major investigations of the crash, three concluded that computer-driven index arbitrage and a related strategy known as portfolio insurance were at least partly to blame for the speed and severity of the 508- point drop in the Dow Jones industrial average. The Brady commission, which the Reagan Administration appointed, contended in its report last January that Chicago's futures markets have gained inordinate leverage over New York because the two marketplaces play by such vastly different rules and fail to monitor their complex interactions...
...quite different report, one that essentially exonerated the futures markets. The group, which included Treasury Secretary James Baker and Federal Reserve Chairman Alan Greenspan, recommended only one significant safeguard: a so-called circuit breaker that would interrupt trading in most U.S. financial markets for one hour if the Dow fell 250 points from the | previous day's close and for two hours if it dropped 400 points. In congressional testimony later in the week, Greenspan defended stock-index arbitrage and computer trading as forces for stability rather than volatility, enabling portfolio managers to reduce their risk...
...Arthur Levitt, chairman of the American Stock Exchange: "It's a national disgrace that we've been unable to agree on some essential steps to restore public confidence in the market." Last week almost nothing seemed to encourage investors. Despite a sharp improvement in the U.S. trade deficit, the Dow Jones average fell 37.96 points, to close the week...
...long ago, the class of '88 was braced for a far gloomier situation. When the Dow Jones industrial average plummeted 508 points on Oct. 19, it raised the specter of an economic recession and widespread joblessness. Fearful seniors -- joined by a smattering of overwrought underclassmen -- rushed to college placement offices in search of advice, sometimes creating such a backlog that students had to wait a month or more for an appointment with a counselor. Corporations grew just as edgy: some recruiters put campus visits on hold until they could sort out the aftereffects of the market meltdown...