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...impact of the dollar crisis and rising interest rates on the stock market has been devastating. The Dow Jones industrial average lost 55 points in the first seven days of trading this year; last week it closed at a 33-month low of 775.73. Many Wall Streeters believe the market is now oversold and some rebound in stock prices can be expected. But if the market is to recover over the long run, the Administration must find a way to restore investor confidence. Warns Mark Collins, vice president of the investment bank of Kidder, Peabody: "The stock market is saying...
Miller's first challenge will be to establish himself as a competent, forceful leader. The importance of his doing so was underscored last week by a sharp drop in the stock market. The Dow Jones industrial average tumbled almost 38 points to close the week under the 800 mark at 793.49. The drop occurred mostly because of worries about the dollar, but also partly because of uncertainty about Miller and what policies he will follow. In addition, businessmen will be watching Miller's performance in checking inflation for clues as to whether to launch plant expansion and modernization...
...rise in a company's profits-that would have pushed a stock up sharply a few years ago now cause only a brief flurry of a point or two. On the other hand, bad news is no news at all. Hardly anyone paid attention in October when the Dow Jones transportation average sank to a point that indicated to followers of the venerable Dow Theory that a full-fledged "primary bear market" was under way. Everyone already knew that...
...asked for reasons can come up with an endless list of quickie "explanations" for any particular day's drop: a jump in wholesale prices, a rise in the trade deficit, a threat of higher interest rates that would pull money from stocks into bonds. Last week, when the Dow fell 8 points, the favored reason was worry over a continuing drop in the value of the dollar on foreign money markets. All these factors do indeed have some influence, as does the perception by investors that the Carter Administration does not have a grip on the complexities of directing...
Where will it all end? Bear markets eventually give way to bull markets, and some computer-equipped analysts now think that the Dow could lumber up to 950 or even 1050 by late 1978 or early 1979. Maybe -but that sounds all too reminiscent of the wrong predictions being made a year ago, when Wall Street's mood was one of relative cheer...