Word: dow
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...banks' moves spur a closing rally. The Dow winds up at 1841.01, a climb of 102.27 points. Trading breaks Monday's volume record. At the bell, Phelan waves from a balcony overlooking the floor. Relieved traders wave back and cheer...
Before the final bell, 90 large companies announce plans to buy back their own shares. Phelan has asked the big-fund managers to avoid automatic programmed purchases and, above all, sales. This feeds the surging optimism and causes the Dow's biggest single-day climb ever: up 186.84 points, to 2027.85. More than half of Monday's loss is recovered...
Despite the scares, the floor traders heed the buttons they are wearing: DON'T PANIC. The Dow zigzags to a closing loss of 77.42 points, still worrisome. The N.Y.S.E. announces that on the next three trading days the market will close...
...N.Y.S.E. closes two hours early with a minute change in the Dow (up .33 points, to 1950.76). Pondering the incredible week, Manhattan Investment Banker Felix Rohatyn, a staunch critic of Reagonomics, says he sees a new world in which governments are "held hostage" by the financial markets. He adds, "We really do not know what we've created. It's high tech and it's transnational and more powerful than anything we could ever have imagined...
...move against potential inflationary pressures, which indeed it was. But for investors, any increase in interest rates makes stocks less attractive, since higher returns become available for bonds, Treasury bills and other fixed-income securities. During the two trading days after the Fed announced its decision, the Dow Jones industrial average dropped 54 points. Admits Gramley: "A common problem is the markets do not understand Alan Greenspan's statements. He needed to express ((the Fed's decision)) more clearly...