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...least in financial circles, Sept. 11 will forever be famous for more than being the birthday of D.H. Lawrence, Ferdinand Marcos and Dallas Cowboy Coach Tom Landry. Shocking investors both here and abroad, the Dow Jones industrial average nose-dived 86.6l points last Thursday, the largest one-day drop in the history of the New York Stock Exchange. Bond prices also fell, although not so sharply, amid renewed market worries that the U.S. economy was about to face higher interest rates and increased inflation...
Less than a week before, the four-year-old bull market had hit a new Dow peak of 1919.71. But that made stocks increasingly vulnerable to a long- dreaded deep "correction." Once the slide started last Thursday, it picked up incredible speed because of so-called program trading -- computer- triggered waves of selling. By 11 a.m., the Dow had sunk almost 30 points. "It was remarkable," said Marvin Breen, a trader for Merrill Lynch. "I looked up at the screen, and it was down 20 points. Five minutes later it was down 30. Five minutes later it was down...
...clients would listen at all. "This is just sheer crazy," said Arthur Randall, a broker with E.F. Hutton. "You try to be cool and counsel patience. But what do you tell a client when in the course of the minute he's been on the phone with you the Dow has fallen 20 points?" Said Alan Klein, an investment-minded dentist from Roslyn Heights, N.Y.: "It was like a two-day root canal without anesthetic. You find me a patient who can keep cool under those conditions, I will find you an investor who can keep cool in this market...
...traders, their neckties askew, craned toward banks of screens where blinking green numbers showed that the Big Board had struggled through the busiest day in its history. While the Dow was taking its 86.61-point dive, to 1792.89, trading volume on the New York Exchange hit 237.6 million shares, surpassing the previous record of 236.5 million reached...
...towners, wants to take away Geller's license and run the station the way everyone knows a station ought to be run. Gloucester would no longer have to rely on the 40-odd other stations in range to hear the weather, world and local news, what the Dow Jones is up to. It would be blessed with 60-second spots on "Wonderful Cape Ann" and a daily report "For Fishermen Only." And, of course, pleasant voices and a mix of tasteful music. Grandbanke has outlined Geller's deficiencies in a succession of legal forums. (You cannot even find...