Word: dow
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...Wall Street, however, today's victories always make way for tomorrow's doubts. Will passing 2000 propel the Dow to still greater heights? Or will the rise run out of momentum now that the magic goal has been reached? (Students of stock-market history recall all too well that after the Dow passed 1000, it stalled for a decade before it cracked 1100.) And perhaps most important of all, why is the market so high when the economy continues to be so lackluster...
Other sages of the investment community agree. One of Wall Street's hottest gurus, Georgia-based Robert Prechter, has used an arcane branch of analysis known as Elliott Wave Theory to predict that the Dow is on a march that will peak at 3600 by 1988. In December 1985, Yale Hirsch, editor of the newsletter Smart Money, forecast the date of the Dow's 2000 day within roughly a week. Now Hirsch predicts that the index may climb to 2300 within three months and reach 2700 later this year...
...bull market has a father and protector, the honor can be claimed by Federal Reserve Chairman Paul Volcker. When the Dow hit a trough of 776.92 in August 1982 and the economy seemed hopelessly trapped in a recession, Volcker and his colleagues at the Fed were convinced that interest rates had to come down. No sooner had they loosened monetary policy than investors came storming back into the market. And as interest rates kept falling, the bulls kept buying. By November 1983 the Dow had reached a high of 1287.20. For the next year, the index more or less stagnated...
Then came the biggest three-month burst in stock-market history. The Dow roared to 1856 in April, sparking tremendous euphoria on Wall Street. Just as suddenly, the market then began to dipsy-doodle, going through unprecedented one-day drops and climbs, including the worst ever single-day fall on Sept. 11 (86.61 points). The eye-popping volatility of the market was made possible by the steadily increasing computerization that allowed hundreds of millions of dollars to flush through the markets at the push of a button. But for all the action, the Dow managed to spend most...
BUSINESS: The Dow Jones tops 2000 as Wall Street enters 1987 on a bull...