Word: dowe
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Dates: during 1980-1989
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That made investors recall the last time the banks raised their prime: Oct. 7, only twelve days before the crash. This time the reaction on Wall Street to rising interest rates was not nearly so violent. On the day the prime went up, the Dow Jones industrial average dropped 37.8 points, to 1965.85, but then it recovered a bit to finish the week...
Things had looked quite different early in the week, when optimism about trade ruled the markets, stocks were climbing, and everyone seemed to have forgotten that the Dow Jones industrial average had fallen 508 points last Oct. 19. The upbeat mood was shattered at 8:30 a.m. Thursday as the Commerce Department's report on merchandise trade flashed across TV screens and computer terminals. Investors, who for the most part had been expecting a continued improvement in the trade balance, were stunned to see that the February deficit was $13.8 billion, an increase of 11% from the $12.4 billion shortfall...
Wall Street had to wait until the 9:30 a.m. opening bell at the New York Stock Exchange to display the full force of its displeasure, and then the Dow started 45 points below Wednesday's close. Traders tried to sustain a morning rally, but by midafternoon, prices were falling across the Big Board. At the end of the day, the Dow was down 101.46 points, its fifth worst drop in history...
Significantly, it was the steepest plunge since the New York Stock Exchange on Feb. 4 adopted rules that are designed to curb the volatility caused by program trading, which involves buying and selling huge blocks of many different stocks. According to the new guidelines, whenever the Dow is either up or down by 50 points in a single day, investment firms are no longer allowed to use the Big Board's computers to execute program trades. Last Thursday the 50-point barrier was broken for the first time on the down side, and though the new regulations were invoked...
...translated into an annual rate of 7%, far higher than last year's 2.1% upswing in producer prices and 4.4% hike in consumer prices. Even so, the market reacted more calmly to the news than many investors thought it would. After being down by more than 30 points, the Dow struggled back to finish the day with a modest 8.29 gain. It closed at 2013.93, off 76.26 for the week...