Word: dowe
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Dates: during 1980-1989
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That is what Sexton was saying last August, when he predicted the market would hit its peak late that month. On Oct. 2, he warned: "Any Dow close below 2387 would be a signal to sell all stocks." And he took his own advice, not only selling but also going short...
Throughout the week, the stock market bobbed skittishly as Wall Street tried to gauge the progress of the budget negotiations. When it looked as if the talks were going to break down on Thursday, the Dow Jones industrial average plummeted nearly 44 points. The following morning, the market opened down an additional 33 points. But after the summiteers agreed on a plan, the Dow closed up 18 points. Said Reagan at the press conference announcing the compromise: "Today we're sending the right message at the right time...
Perhaps. While the market may have been buoyed by the settlement, losers still outnumbered gainers on the New York Stock Exchange last Friday, and the Dow was only 10% above its Oct. 19 abyss. Many Wall Streeters regarded the budget plan as too little too late. "We would have been better off if the talks hadn't even happened," declared John Paulus, a managing director and chief economist at Morgan Stanley. "The difficulty in reaching an agreement shows a lack of determination, a lack of discipline and a lack of leadership in Washington." Steven Einhorn, portfolio strategist at Goldman Sachs...
...trade situation, Wall Street struggled to overcome its fears of the bogeyman it holds partly responsible for Black Monday. Computerized program trading, which was blamed by some experts for accelerating the Oct. 19 slide, was permitted to resume early last week. That prompted nervous traders to send the Dow Jones average falling a sharp 58.85 points on Monday. The Dow rocketed back 61.01 on Thursday, fueled by the trade-deficit improvement. The market got more good news on Friday when the Government said that wholesale prices during October fell .2%, which means that the Federal Reserve can stimulate the economy...
Still, the market's trend last week was definitely up. The Dow began in the depths of gloom, sinking 156.83 points on Monday to record the second biggest point drop in history. The next day brought the beginning of the rally, for no apparent reason except that investors still had cash to invest after selling so furiously in previous sessions, and began to see blue-chip bargains among the battered stocks. The Dow rose 52.56 on Tuesday, .33 on Wednesday, a robust 91.51 on Thursday and 55.20 on Friday. Even the over-the-counter market, which was more devastated...