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...economy that has enveloped the nation in recent months. For all its progress in production, jobs, personal income (up around 11 %) and corporate profits (about 12% ahead of last year, after taxes), 1977 brought the economy a set of nagging headaches. Stock prices tumbled through the year; the Dow Jones industrial average is now about 19% below what it was at the close...
...Investor, a trade magazine, goes on to say that the experience of investors during the past decade "has probably been the worst in this century -and perhaps the worst in stock market history." Worse than the 1930s? Yes, says Bernstein, when inflation is cranked in. Ninety cents invested in Dow Jones blue chips a dozen years ago is worth only 440 now, a 50% depreciation. Two-thirds of new issues brought to market in the past four years are selling below their offering prices. Shares in Colorado-based brewer Adolph Coors Co. were offered two years ago at $31 each...
Listless and almost lifeless at times, the stock market in 1977 suffered through one of its worst years. Last New Year's Eve, the Dow Jones average of 30 industrial stocks closed at 1004, its year-end record. By the final bell last week, the widely watched indicator had dropped 19%, to 815. The mood on Wall Street, among the brokers and traders whose heartbeat is the daily ticker, has turned from despair to anger. Says Peter L. Bernstein, an economist-consultant to large institutional investors: "We hate stocks, we hate ourselves and our customers hate...
...stock market reacted to all these uncertainties in predictable fashion: it sank. The Dow Jones industrial average, the market's most widely watched barometer, plunged dizzily to 800.85, its lowest level in two years. The drop is particularly unsettling because investors regard the 800 level as a psychological barrier; once it is breached, they fear an even steeper fall. By week's end the market had recovered slightly, to a closing Dow average of 809.94. Nonetheless, since New Year's Eve the Dow has plummeted 194.71 points, an astonishing slide. Clearly the nosediving stock market is trying...
Corporate executives are by no means alone in that uncertainty. Stock traders are so unsure about the direction of the economy that their selling selling has driven down the Dow Jones industrial average about 19% so far this year, from 1,000 at the end of 1976 to under 810 now. Louis Harris surveys show a startling pessimism among the general public about Carter's economic policies. In September only 26% of those polled by Harris gave the President a positive rating on his overall handling of the economy...