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...their best year ever. According to Salomon Brothers, the return on high-quality long-term corporate bonds was 44%, counting price appreciation and assuming that interest was reinvested. U.S. Government bonds, one of the safest investments around, returned 41%. Next to that, the 20% rise in the 30 Dow Jones industrial stocks seemed almost anemic...
...more flexibly, to permit monetary growth "somewhat above" the announced targets. Several quick cuts by the Fed in its discount rate to member banks drove home the point. As the money supply expanded and interest rates fell, Wall Street bought Volcker's act. Beginning in August, the Dow Jones industrial average staged a 288-point rally that peaked in early November, and the bond market boomed with...
...other blue chips performed spectacularly. Sensing in mid-August that the Federal Reserve Board was beginning to ease its tight-money policy in an effort to stimulate growth in the economy and prevent the recession from turning into outright depression, investors surged into the market, sending the widely watched Dow Jones average of 30 industrial stocks on the most explosive upward ride in Wall Street history. By last week the Dow stood at 1012, a 30% climb from its summer low of 777. Bond prices also soared, with 30-year Treasuries climbing some 32% during the year...
Though news of the Santa Maria find began circulating on Wall Street late last summer, it has not made a big difference in the oil companies' stocks, which are currently out of favor with investors. Though the Dow Jones industrial average has risen 27.7% since July 30, Phillips is up only 22.8%; Standard Oil of California, 20.8%; and Texaco...
Created in 1884 by Charles Henry Dow, the first editor of the Wall Street Journal, the Dow Jones average of industrial stocks took its modern form in the late 1920s, just in time for the market crash and the Great Depression. Then as now, the index is an average of stock prices of companies in major American industries...