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From the canyons of Wall Street to the assembly lines of sprawling factories, the performance of the U.S. economy was generating a high level of anxiety and uncertainty last week. The New York Stock Exchange settled into a nervous lull in the aftermath of the record plunge of the Dow Jones industrial average the week before. The Commerce Department reconfirmed that growth in the gross national product was almost completely stalled in the second quarter. Economists, executives and workers all pondered the same questions: Is the U.S. slipping into a recession? Are interest rates headed higher? Is inflation poised...
...board members agreed that the Dow's 121-point drop, to 1758.72, on Sept. 11 and 12 did not signal an economic downturn. Alan Greenspan, a Manhattan-based consultant who served as chief economic adviser to President Ford, estimated the Dow would have to go down another 200 to 300 points to have a significant impact on the economy. If stock prices fell that far, executives might curb their companies' capital investment and consumers might reduce their spending enough to trigger a recession. But the stock market steadied last week, rising 3.93 points to close at 1762.65. Investors took...
...dismay of many educators, the SAT has achieved a statistical majesty similar to the Dow Jones industrial average or the Gross National Product. The public tends to regard the SAT as a single number capable of summing up the health, or lack of it, of the nation's schools...
...Friday the sell-off continued in the morning. By midday a furious rally was under way, recovering more than half of Thursday's losses, but it soon fizzled. When the closing bell rang, the Dow had dropped an additional 34 points, swelling the week's loss to 141 points, the worst ever. Volume set another record, rising to 240 million. At the end of Wall Street's most hectic week, the Dow stood at 1758.72, down 161 from its September high. On the Big Board, losers outnumbered winners 4 to 1 on Friday. The American Stock Exchange and the over...
Investors tried to put the bloodbath in perspective. While severe, it still left the Dow 212 points above what it was at the start of 1986 and a remarkable 1000 points above its level in August 1982, when the bull market started. Quantitatively, it was the largest falloff ever, but the 4.6% drop in share values on Thursday was nowhere near the chilling 12.8% plunge of the Great Crash...