Word: dow
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...week-long stampede of amazing force. The time required for the Dow Jones industrial average to get from one 100-point mark to the next highest used to be measured in years, then months, then, in early 1987, two or three weeks. But after vaulting past 2600 on Monday morning, the average briefly pushed past 2700 only three days later, on Thursday afternoon, and again on Friday before pulling back a bit to close at 2685.43. Nonetheless, at that level it posted a record gain of 93.43 for the week. The irrepressible market took in stride news that the trade...
...that unusual -- not by current standards anyway. There have been many weeks of nearly equal, and a few of even greater, frenzy since the bull was born. What is truly stunning is the cumulative effect of all those bang- bang weeks. At Friday's close the Dow Jones industrials had zoomed up more than 1900 points over five years; prices of the 30 stocks in the average had multiplied roughly 3 1/2 times from the Dow...
Another fear is that stock prices have risen to a level that cannot be justified by companies' prospective profits. By one estimate, the stocks in the Dow Jones average are now selling at 20 times expected earnings this year. That is high, but still below the multiple of 22 in 1962, on the eve of a market crack...
...even those troubled by vague worries that the market cannot go straight up forever generally think that the rise can and will be prolonged for a while yet. Furniss says that before the cops break up the party, "I would not be surprised if we reached 2800 ((on the Dow)) within a week and 3000 next month." Many others believe the surge could last another year or even longer. Some reasons...
...chairman, the new U.S. money czar, a few moments to plug in his computer terminal and sharpen his pencils before the first crisis. To a remarkable degree, everything was going Alan Greenspan's way, as the nominee prepared for the Herculean job of succeeding the retiring Paul Volcker. The Dow Jones industrial stock average zoomed to a new peak of 2572.07. The dollar, which had spent much of the past two years in a free fall, seemed to be holding its own. After hearings that Wisconsin Democrat William Proxmire described as a "love feast," the 20 members of the Senate...