Word: dowe
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Dates: during 1980-1989
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Some Wall Streeters are experiencing acrophobia. Others talk of vertigo. Whatever the buzz word, the feeling is the same: stock speculators have suddenly become woozy about the market's new heights. After a 230-point rise in 1988, the Dow Jones industrial average has zoomed more than 500 points this year, 200 just since the beginning of July. "I've been on this trading floor for 39 years, and I've never seen a market go up so fast for so long without a major break," said Donald Stone, a specialist in consumer stocks on the New York Stock Exchange...
Propelled by good economic news, the Dow pushed ahead an additional 30 points last week in volatile trading, despite heavy profit taking in the final hours Friday. The Government announced that wholesale prices in July fell 0.4%, their biggest monthly drop in three years, which signaled that inflation is ebbing. During the same month, retail sales rose 0.9%, a surge that reassured investors that the economy has not stagnated. Before closing at 2683.99 for the week, the closely watched index briefly topped the all-time record of 2722.42 it set on Aug. 25, 1987. That was the heady peak from...
...that the Dow has made a nearly 1,000-point recovery in just under two years, Wall Streeters are asking, Can it happen again? Is this boom any different from the last one? "Stock prices have been climbing a wall of worry," says Robert Farrell, the chief market analyst at Merrill Lynch, who sees "a significant correction on the horizon...
...bright side. "Investors now believe the Federal Reserve Board can deliver a 'soft landing' of subdued inflation by year-end, without a recession," says Byron Wien, chief domestic strategist for the investment firm Morgan Stanley, who since May has been predicting a new all-time high on the Dow. Elaine Garzarelli, a portfolio manager at Shearson Lehman Hutton, who was one of the few forecasters to warn of the crash in 1987, believes the Dow will top 3000 before the end of the year...
...another deal that was driven by global ambitions, shareholders of SmithKline Beckman, developer of the anti-ulcer drug Tagamet, last week approved a merger with London's Beecham Group, which has built strong European markets. One week earlier Dow Chemical agreed to merge its Merrell Dow Pharmaceuticals subsidiary with Marion Laboratories, whose chief prescription drug is Cardizem, an angina treatment. In the afterglow of the Time-Warner marriage and other such deals, companies in many industries may gain greater confidence to embark on friendly combinations...