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...April wholesale prices skyrocketed at an annual rate of 8.9%, the worst monthly performance since October 1985. For the same period, industrial production fell by .4%, the steepest drop in more than a year. The bad news dealt a sharp blow to the seemingly irrepressible stock market. The Dow Jones industrial average dropped 52.97 points on Friday, the fourth largest one-day decline in history, to close...
...incredible bull market in stocks has produced billions in profits for investors over the past 4 1/2 years -- and millions in losses for those caught in the market's occasional steep downswings. That seesawing continued last week as the Dow Jones index of 30 industrial stocks ended the week at 2235.37, after skyrocketing by 66.47 points one day and dropping by 51.13 the next. Amid the ups and downs, no investor has done better than George Soros, 56. During the past two years alone, the soft-spoken, Hungarian-born manager of a fund known as Quantum has amassed a staggering...
Quantum's great leap in profits began with the move upward by the Dow from a level in the mid-1300s in August 1985. Soros caught the market wave by investing heavily not only in U.S. stocks but also in very volatile stock- index and currency futures. These can multiply returns many times over, or, conversely, produce huge losses. Now the largest so-called hedge fund, Quantum uses its stock and bond portfolio as collateral to buy more stocks and securities...
...dollar's continuing plunge created turmoil in U.S. financial markets. As fears mounted that the greenback's weakness would boost inflation, bond prices dropped and interest rates climbed. The rate on 30-year Treasury bonds, for example, reached a 14-month high of 8.18%. The Dow Jones average of 30 industrial stocks closed at 2338.78, down 51.56 points for the week...
...baby from the Fort Knox Nursery. The system made transactions much less complicated than the unwieldy act of trading huge numbers of babies back and forth for every deal--especially on Wall Street where the cost of shuttling thousands of babies back and forth every time the Dow Jones shifted was excessive...