Word: dowe
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Dates: during 1970-1979
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Nowhere is uncertainty more pernicious than in the stock market. The Dow Jones industrial average, down more than 16% so far this year, closed last week at 839.14, down 17.67, its lowest level since December 1975. Some members of the Board of Economists are fearful that the drop will have an unsettling psychological effect on the whole economy. One reason is that the market is regarded as a highly visible-but far from infallible-indicator of future business trends. Studies have shown that over a 100-year period, of 43 expansions and recessions, stock prices anticipated 75% of the business...
...touches another key, and the computer spits the names of those 113 paying customers. Among them are the departments of State, Treasury, Commerce and Justice and two dozen other federal agencies. Then there are Morgan Guaranty, Bank of America, Citibank and a score more banks, and American Can, Dow Chemical, Exxon, Shell, among many other industrial giants...
...Getty $20,219,9033 Atlantic Richfield $17,570,839 Standard Oil of California $17,074,654 St. Regis Paper $15,353,397 General Electric $15,187,405 Sears, Roebuck $14,924,096 Beneficial $13,822,884 Caterpillar Tractor $13,741,103 Province of Ontario $12,335,910 Dow Chemical $12,227,949 Aluminum Co. of America $11,865,565 Union Carbide $11,068,724 U.S. Steel $10,915,154 Kimberly-Clark $10,676,454 International Nickel of Canada $10,502,593 Procter & Gamble $10,376,375 Continental Group $9,939,553 Smith, Kline $8,946,86 Phillips Petroleum...
...large part of the rise in corporate profits is an illusory result of inflation. So a dollar of company earnings is no longer worth as much on the price of that company's stock as it used to be. Even in late 1976, the 30 stocks in the Dow Jones industrial average were selling at a price of 10.4 times earnings; the estimated price-earnings ratio for 1977 is less than eight. Avco, Chrysler and Rapid American shares are selling at only about three times earnings...
...these investors, and others like them, be lured back into the market? Perhaps, but the process will take years. Doubtless, stock prices will have their upswings in forthcoming years, and those that take the Dow average above the magic 1000 mark may stir some temporary excitement. But the essential condition for a sustained bull market is a long and strong economic advance, during which inflation simmers down well below its present rate of roughly 6%. How to produce that ideal combination is the central unresolved question of modern economics...