Word: dow
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Those rates are still oppressively high, and it is anyone's guess how much farther they might come down and how soon. But the cuts had a tonic effect on businessmen and investors, who have been starved for any kind of good news. On the stock market, the Dow Jones industrial average bounded up 19 points on Monday, 15 on Wednesday, and by the close of trading Friday had leaped 52 points for the week...
...borrow at the bank prime but the long-term money raised by selling new issues of bonds or stock. But as towering interest rates make bond issues costly, they also depress the stock market by luring money away into such high-yielding investments as bank certificates of deposit. The Dow Jones industrial average last week fell below 800 for the first time in five months and closed at 802.17, down 24% from its January 1973 peak...
...northern fringes of New York City, the district is composed of fugitives from the city's turmoil and those who fear it from a distance. Together they have established a conservative bastion to prevent its spread north. In 1970 the district elected a leftwing Democrat, John G. Dow '27, only because his Republican opponent was indicted for income tax evasion towards the end of the campaign. But in 1972, Gilman took advantage of Nixon's solid trouncing of McGovern in the district and retired Dow by an impressive margin...
...however, Gilman is faced with the dilemma of the Republican Party. Dow has already declared his candidacy again and stands a good chance of getting the Democratic nomination. In a normal election year, Gilman could hardly want more--his genial personality, close affinity with the voters, and cautious politics would insure him an easy victory in November...
...Gilman, the knowledge that he will be running against Dow in November must surely be a significant factor in his calculations. Dow will take a very strong and very righteous pro-impeachment stance, and will no doubt tie Gilman as closely as he can to Nixon. And as the special House elections of the past few weeks indicate, that strategy could very well be successful...