Word: dow
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...stock market, December opened as anything but the accustomed month of year-end price rallies and fat Christmas bonuses. The Dow-Jones industrial average has plunged 70 points in less than a month. Last week it broke below the 800 mark, at which all earlier slides in 1969 had been stopped. It closed at 793, the lowest level in nearly three years. For investors who had put their faith in some popular blue chips, the story was even glummer. During the week, General Electric stock sold at its lowest price since 1963; Union Carbide was the lowest since...
...drop in the Dow-Jones to below 800, which was widely heralded as an important psychological resistance point, did not touch off any heavy selling. Still, brokers drew little comfort from that fact. Some would have preferred a burst of aggressive selling that might have cleaned out the pessimists and set the stage for a price rally-instead of the fairly steady, day-by-day erosion of prices on fairly light trading volume. Prices were weak principally because investors had the feeling that inflation was not being defeated and that the Government would have to continue strangling credit and pursuing...
...statement is a classic example of the thinking now creating turmoil in U.S. financial markets. Attention has focused on its impact on the stock market, where traders are increasingly depressed by the fear that inflation, and with it tight money, will continue indefinitely. In the past three weeks the Dow-Jones industrial average has dropped almost 50 points, to last week's close of 812, barely above the year's low. Trouble is much worse in the bond and mortgage markets, the nation's primary channels for funneling savings into the construction of schools, homes, factories, stores...
...Dow's contract expired last May. but the fact remained generally unknown. Though napalm accounted for only about one-half of 1% of Dow's $1.6 billion annual sales, the company had become a target for acrimony. Clergymen led picket lines at Dow's annual meetings. A nationwide boycott was organized against its other products. Raiders splattered its Washington office with...
American Electric Inc., which underbid Dow for Washington's latest napalm contract, may be in a better position. A subsidiary of City Investing Co., American Electric makes no consumer products- and it has no plans to recruit on college campuses...