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...Street, which has long been Ronald Reagan country, the bulls began a kind of Inaugural Ball right after the landslide. In the eight trading days following Nov. 4, investors grabbed up long-depressed shares with enough zeal to set new records for trading volume and push the widely watched Dow Jones industrial average of 30 blue-chip stocks up by 49 points, to 986.35; that was a half point below the previous high reached on Jan. 10, 1977-just ten days before Jimmy Carter moved into the White House. At week's end some brokers were speculating that...
...mutual funds and other institutions, which had mostly been sitting on, the sidelines in the waning weeks of the campaign, investors sent share prices soaring on the very day after the election. Although the Dow wound up that session with an impressive 16-point gain, at one time it stood 45 points above the pre-election close. Moreover, an unprecedented 84.1 million shares were traded on the New York Stock Exchange. Prices later slipped back as banks boosted the interest rates they charge their prime corporate customers by a full point, to 15½%. But the chill of rising rates...
...good deal less than indicated by his 489 electoral votes or by Wall Street's thunderous vote of approval the next day (79 million shares traded, the second busiest day in the New York Stock Exchange's history, and a jump of nearly 16 points in the Dow-Jones average). His victory was surely not so much an endorsement of his philosophy as an overwhelming rejection of Jimmy Carter, a President who could not convince the nation that he mastered his job. Overseas, he could never seem to chart a consistent policy to deal with the rise...
...Monday the Dow Jones industrial average plunged 18.17 points, its steepest drop in more than six months. But later in the week the index rallied to close at 950.68, about a 10-point rise from the week before. A key reason was that many investors rushed to buy oil stocks in expectation that the turmoil in the Persian Gulf would soon push up petroleum prices...
...rest of the New York Stock Exchange, though, had its own case of war jitters. Last Monday, before the full dimension of the Iran-Iraq conflict was clear, the Dow Jones industrial average hit a 44-month high of 974.57. It was mostly downhill after that. By Friday, the Dow Jones had lost 34.47 points and closed the week at 940.10. Declining issues led advancing stocks by a wide margin. Insiders watch the advance-decline ratio closely because it often signals future market trends. Especially hard hit were airlines, whose profits are particularly sensitive to high fuel prices. Brokers said...