Word: dowe
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Dates: during 1970-1979
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...curb the inflationary growth of the nation's money sup ply. But the money stock actually expanded by $2.8 billion in the first week after the "Volcker Package" was announced, and the Fed immediately began tightening credit and forcing up interest rates still further. This drove the Dow Jones index of industrial stocks down an extra 24 points last week, renewing memories of the Great Crash that occurred 50 years ago this month (see following story...
...DOW IN WORST DROP IN NEARLY SIX YEARS --New York Times, October...
...rising. That is especially bad news for investors who hold shares of stock bought on margin with money borrowed from brokers at floating rates of interest. Wary of just how high those rates might climb, margin holders along with smaller investors began selling in earnest on Monday, pushing the Dow down 13.57 points...
...king. The stock market law of gravity held that whatever goes up must go up again. During one day, RCA-the IBM of its era-soared 40 points. In recent years, however, the stock market has had the blahs, reflecting national uncertainty about the future. This summer the Dow Jones industrial average had already declined 50% from its peak of 1051 in 1973, when adjusted for inflation. Concludes Economist John Kenneth Galbraith, author of The Great Crash, a study of the 1929 debacle: "It would be hard to find any buildup of speculative hubris that would make us as vulnerable...
...overreact. They're just calling up and saying, 'Sell my stuff! Get out of my position!'" His experience was not unique. At brokerage houses around the city, investors were trying to cut their losses. By 11:30, only 1½ hrs. after trading began, the Dow Jones average was off by 13 points and falling. "I wouldn't call it panic," said Steven J. Hyman, an independent, or so-called $2 broker. "Let's say it's controlled pandemonium...