Word: dowe
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Dates: during 1940-1949
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...Even consols (British Government bonds), which are generally regarded by Britons to be as solid as the Rock of Gibraltar, sagged to a two-year low, then rallied slightly. The scare caused a shiver in Wall Street, where the ten-week long upswing in stock prices suddenly halted. The Dow-Jones industrial index dropped 3.85 points from the July high of 187.66. This week the market slipped off again, with steel and automobile shares leading the drop...
...core of their dispute were some hard realities. After its collapse last fall, the market edged up in February, fell again in May, then started up again. The strict followers of the Dow theory contended that, because the industrial average had failed to go any lower in May than it had last fall, the downward trend might be changing...
Said Francis I. du Pont & Co.'s Thomas W. Phelps, a leading exponent of the Dow theory: "The stage is set; if the industrials and rails now can advance above their February highs, the bull market will be signaled." On July 11, the industrials broke through the February high, but the rails failed to follow...
Last week, after a slight sag, the industrials broke through again, rising to a new 1947 high of 186.85. Once more, the rails failed to follow the breakthrough. To the strict Dow theorists, it was still a bear market, though some were trying to weasel through a semantic loophole: the so-called bear market might be only a large scale reaction in the wartime bull market...
...which he had long been impudently perching, Stabler gibed: "Get yourself a compass, a divining rod, walk backward through a dark alley at three minutes after midnight and everything will be made clear. The first of them who comes out honestly and admits that the hocus-pocus of the Dow theory made him miss nine weeks of the bull market will deserve a seat on the Stock Exchange, upholstered in bearskin...