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When the New York Stock Exchange closed January 7, the Dow Jones ticker stood at 1004 and some change, a high-water mark for recent months. The bull market that began with the election of Ronald Reagan showed every sign of plowing ahead. And the edition of Joseph Granville's Market Letter, a leading private forecast service, that reached investors that morning stated that "the market is signaling a sharp upswing ahead...Buy aggressively," it advised...
Illustrating the extreme skittishness in financial markets, the Dow Jones industrial average plunged almost 24 points in a single day largely, it seemed, because of "sell" recommendations from a single market analyst, Joseph Granville (see following story). Although some major banks reduced their prime rate on business loans to 20%, down 1½ points from the prevailing level in mid-December, the rate remained extraordinarily high by historic standards and was a continuing source of anxiety...
Frenzy set in as soon as the opening bell rang last Wednesday morning at the New York Stock Exchange. Prices plunged as brokers carried out orders from their clients to sell out their accounts. By midday the Dow Jones industrial average had fallen 31 points, although it recovered slightly in the afternoon to close down 23.80 points on a volume of 92.9 million shares. It was the busiest session in the 188-year history of the exchange. The following day, the Dow Jones index sank another 15.19 points...
...respectively, to 20.5%. Although only a few banks lowered their rates, it was the first fall in the prime since late July, when the key interest rate started careering upward from 11%. Just that modest drop, though, was enough to send Wall Street into a rally, as the Dow Jones industrial average soared 21.59 points in one day. The stock market has been beset by fears that the record high interest rates would lead to a new and sharp recession. But the Wall Street rebound was short-lived, and the Dow Jones rose only another eight points to close...
November election. On Nov. 20, it hit a 1980 peak of 1000.17. Soon, though, stock prices began to tumble because of fear of high interest rates and another recession. The Dow Jones closed last week...