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...first issue of The National Lampoon hits the newsstands. Every living Harvard alumnus buys a copy. Every living Harvard alumnus in a position of corporate power has had his corporation put an ad in it. There are ads for General Dynamics, Dow Chemical, Lockheed Aircraft, Raytheon, and many other companies. The cover story is a "lampoon" of defense industries...
...about tight money. Last week Paul McCracken, chairman of the President's Council of Economic Advisers, provided just that by suggesting that the time may be nearing for the Federal Reserve Board to relax its credit restraint. Stock prices responded exuberantly. On the New York Stock Exchange, the Dow-Jones industrial average rose 10 points on Christmas Eve and closed the week at 797.65, a heartening gain from its two-year low of 769.93 only a week before...
...welcome as the holiday rally was, many investors might question whether the volatile Dow average really reflects the overall trend of U.S. stock prices. The Dow, which is composed of 30 blue-chip stocks (from Allied Chemical to Woolworth), has made the stock market look sicker than it really has been during its seven-month slide. From its 1969 peak in mid-May, the D-J average has fallen 17%; the decline has been only 13%, or 24% less for the broadly based New York Stock Exchange composite average of all 1,287 listed companies and Standard & Poor...
Businessmen see the signs of decline in their sluggish sales and softening profits. Investors discern the portents in falling stocks; the Dow-Jones industrial average has dropped 9% in the past five weeks to a three-year low. The Consumer Confidence Index, measured by the highly regarded University of Michigan Research Center, has plummeted from 95 in January to 79.7 now. President Nixon's economic policymakers recognize the signs of danger. "We are now at a critical period of economic events," says Budget Director Robert Mayo. "The economy is in a state of delicate balance...
...stock market, a leading indicator that often foretells the economy's performance in months to come, shuddered through a disastrous year. The Dow-Jones industrial average dropped 19%, from a May high of 969 to a December low under 784. The conglomerates took a beating; LTV and Gulf and Western dropped more than 50% from their year's highs. Among the blue chips, strike-troubled General Electric has sunk to 79 from a historic high of 120 in 1965, California Standard to 49 from a high of 86 in 1966, Allied Chemical to 24 from 66 in 1961, Du Pont...