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Never in U.S. financial history has there been a collection of commotions quite like the Great Stock Market Spectacular of 1986. Up! Up! Up! Down! Down! Down! The Dow Jones average of industrial stocks is taking sharper, swifter leaps and dives than ever before. Buy! Buy! Buy! Sell! Sell! Sell! The biggest stock boom on record is leading to manic levels of activity on the nation's exchanges. Win! Win! Win! Millions, even billions, are being pocketed almost overnight, in split-second transactions affecting the fate of some of America's most important corporations. Lose! Lose! Lose! At the same...
...taken a small stab at curbing the ups and downs but with little success so far. On Sept. 19, the N.Y.S.E. experimented with a procedure of informing the trading floor half an hour before closing of the major holdings at that time in the stocks that compose the Dow. The aim was to allow counterpositions to be built up by competing traders, and thereby smooth some of the program-trading swings. The SEC hopes to repeat the experiment in December. The problem, though, is that the times when the market gyrations will take place are almost impossible to predict...
Many investors are afraid to sell lest they miss out on the next leg of the bull market. Indeed, some Wall Street forecasters, encouraged by improving economic growth and a continuation of low interest rates, are predicting that the Dow Jones industrial average will pass the 2000 mark next year. For many shareholders, stocks remain the most attractive investments available, particularly since interest rates on bonds and bank accounts are relatively low at this time. Says James Campbell, an investor who heads a Manhattan photo-reproduction company: "Imagine I sold and took my profit and tax savings right now. What...
...Massachusetts Public Interest Research Group (MassPIRG), which collected many of the voters' signatures that got the question on the ballot, charges that the League has been influenced by the Dow Chemical Corporation's contributions toward its Household Hazardous Waste program, which helps individual citizens get rid of dangerous chemicals...
Securities and Exchange Commission officials are still trying to figure out what happened on Wall Street on Sept. 11 and 12, when the Dow Jones industrial average plunged a record 121 points. The drop happened a week before the stock exchanges' now notorious "triple-witching hour," the quarterly expiration deadline for stock options, stock-index futures and stock-index options. In the past, massive computer-triggered "program trading" has pushed the market up or down steeply when the witching hour struck. Now the SEC has decided to look into such selling waves whenever they occur. Whether anything can then...