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...stock prices are a leading indicator, as they are often considered to be, then the U.S. economy is in for a roller coaster ride. After starting from a low of 889 in January, the most widely watched gauge of the market, the Dow Jones industrial average, has thumped along like an excited heartbeat, often surging up or down by 15 or more points in a day. During the first half of the year, the general trend had been up, but now a new pattern is emerging: in each of the last two weeks the Dow has spurted...
LIKE an army repeatedly assaulting an impregnable fortress, the Dow Jones industrial average last week mounted yet another attack on the magic 1,000 mark, and once more retreated. After opening the week by pushing to a 44-month high of 974, the index fell back to close at 966. Such performances have become almost routine, and a different specific cause can be found for each failure to crack 1,000. But one underlying reason is that Wall Street misses the massed investment firepower that mutual funds once brought to bear on the market. Throughout the 1960s, mutual funds, which...
...mutual funds generally rose more rapidly than the popular market averages. But the funds may have got themselves into a chicken-or-egg situation. Undoubtedly the greatest possible stimulus to sales of fund shares would come from the public excitement about the market that would be generated by the Dow Jones average breaking the 1,000 mark. The question is whether the market can muster the buying power to achieve that breakthrough without a prior revival of the mutual funds...
...nervousness among millions of investors and tourists. The free market price of gold rose another $2.90, to $64.65 an ounce, as investors took their money out of weak currencies and bought the classic hard investment. On Wall Street, worries about the international money outlook, among other things, sent the Dow Jones average down 30 points in six trading days, though at week's end it recovered somewhat. In France, where distrust of currency is endemic, there was a flurry of investment in real estate and consumer goods. British tourists lost up to 10% of their buying power in foreign...
Grayson's hard line has frightened Wall Street and helped to knock the Dow Jones industrial average down 28 points in the past three weeks, to a Friday close of 941. Investors fear that Grayson will block all large profit gains by ordering wide-ranging price cuts. Some Administration officials worry that nervous businessmen might react by holding back on investments and expansion plans, hindering the economic recovery. Grayson has been warned about this concern, but the Price Commission acted anyway...