Word: dowe
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Dates: during 1970-1979
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...annual rate of more than 2 million, a cool 46% ahead of a year earlier; corporate profits increased 11.4% in the second quarter. But all this was lost on Wall Street, where stock traders continued to fret about everything from interest rates to new tax legislation. The Dow Jones industrial average, the market's most widely watched barometer, dropped 7.62 points last week, to 863.48, its lowest since the first day of trading in January...
...aberration? Hardly. Though economic recovery is continuing, stock prices have been sinking all year; the Dow is now more than 14% lower than it was on New Year's Eve. And the 1977 sag only climaxes a decade of disappointment. Indeed, the stock market, once a great driving force and sensitive indicator of the U.S. economy, has been steadily losing its vigor, and its hold on investors' minds, for most of the past dozen years...
...back in January of 1965, the Dow Jones industrials cracked the 900 level for the first time. Since then, the average has been on a roller-coaster ride-dropping as low as 631 in mid-1970, soaring as high as 1052 at the start of 1973. But it has been a ride to nowhere; after all the ups and downs, the average is just about where it was a dozen years ago. Moreover, even those figures badly understate just how dismal the performance has been. Stock prices have been stagnating at best while prices of just about everything else have...
...Left was just starting to harvest its biggest crops of the newly radicalized. Draft cards and American flags went up in smoke. The Spring Mobilization to End the War in Viet Nam brought together hundreds of thousands of protesters in San Francisco and New York. Dow Chemical's recruiters were driven off campus. Ahead for the movement lay Woodstock, Chicago, Kent State, the Days of Rage...
...week, when both Exxon and U.S. Steel announced lower second-quarter earnings. Then on Wednesday came a shocker from Bethlehem Steel, which reported an operating loss of $75.4 million for the first half and cut its dividend. With that, the slide turned to slaughter: in frantic trading, the Dow plunged almost 20 points. For the week, it closed down 33 points, at 890.07, almost 10% below its January level...