Word: dowe
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Dates: during 1970-1979
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...fresh beginnings. But this new year opened with a disquieting week of turmoil. As nervous investors continued to convert cash into inflation-proof tangible assets, the price of gold shot up to a wallet-popping $341 an ounce before settling back at week's end to $329. The Dow Jones industrial average, which had been rising since July, plunged 15 points in one day, the largest decline since last December. Other news was also depressing. Wholesale prices rose in August at an annual rate of 15.4%, which portends still higher consumer prices in the autumn, and unemployment climbed during...
Despite these downbeat reports, the Dow Jones industrials revived at week's end, rose seven points on Friday and closed at 874. Amid the glum news, market analysts and money managers are increasingly confident that a new and sustained bull market is shaping up. Reports TIME Correspondent John Tompkins from Wall Street: "The mood is in the air, palpable, something you can feel. To be sure, there are some well-known bears who still radiate gloom and even a couple of bulls who have turned bearish. But the consensus is that no matter how bad things look in Washington...
...investors began to sense recovery ahead. Also, stocks now are cheap. Corporate profits have almost doubled in the past four years, but many blue-chip stocks of big, old companies are selling at mid-1975 prices. The increasing number of corporate takeover bids suggests how undervalued they are. The Dow industrials are selling at 93% of book value, the worth of the assets minus the liabilities and divided by the number of shares outstanding. Thus it is much cheaper to buy out a company than start a new one. Stock prices are also depressed relative to alternative investments in tangibles...
...fairly strong bull market has been under way in the secondary stocks, including those of the smaller oil and gas companies, newer high-technology firms and takeover candidates. While the Dow has been languishing over the past four years - it was at 840 in September 1975 - the index of over-the-counter stocks has gone up 94% and the American Stock Exchange index has risen...
...written by Yergin, is more persuasive though somewhat extravagant. He argues that with only minor adjustments in life-style and no decline in economic growth, Americans could consume 30% to 40% less energy than they do today. In the book's best passages, Yergin cites illustrations ranging from Dow Chemical's 40% reduction in energy use to Colgate-Palmolive's 18% cutback to show that many companies have continued to expand while saving energy. The examples are impressive. Nonetheless, there is a critical point at which sizable reductions in energy could provoke a tailspin in U.S. industrial...