Word: dowe
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Dates: during 1970-1979
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...forecasting is that when Wall Streeters finally become unanimous in their opinions, the market promptly does the exact opposite. That theory might help explain the market's spectacular flip-flop last week. On Monday, prices fell faster than on any day since the assassination of President Kennedy; the Dow-Jones industrial average sank 21 points. By Tuesday night, after another large drop, the average was down to 63], its lowest since 1962. Brokers and investors, who had watched stock values drop $280 billion in the long bear market, expressed their total gloom in bitter jokes. Sample from a broker...
Then, on Wednesday, a record rally exploded out of nowhere. The Dow-Jones average soared 32 points, its biggest one-day rise ever.* Strong, though slightly less remarkable gains were scored on Thursday and Friday. Trading volume ballooned; Thursday's turnover on the New York Stock Exchange was almost 19 million shares. By week's end the Dow average had climbed 38 points...
...that U.S. business has shuddered through in recent years. In Washington, embarrassed Administration officials conceded that the budget surpluses they had predicted for fiscal 1970 and 1971 will turn to deficits. On Wall Street, the most unnerving stock market reports since the Depression 1930s became daily more dismal. The Dow-Jones industrial average fell 40 points to a new seven-year low of 662; during the past 18 months, it has plunged more than 320 points...
...other hand, recession is too mild a word for the situation in the stock market. The overall market is in worse shape than indicated by the Dow-Jones average of blue chips or Standard & Poor's index of 500 Big Board issues. The decline has been more severe on the American Stock Exchange. In the over-the-counter markets, some unlisted stocks cannot be sold at any price because there are no bids to buy. On the exchange floors, many stock specialists have bought all the shares they can handle and have no money for more; if large blocks...
...Market averages that include more stocks than the 30 in the Dow index are higher than in 1960-but have dropped even more sharply in the current slide...