Word: dowe
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Dates: during 1980-1989
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Again last week Friday was a triple-witching occasion. On the New York Stock Exchange, some 40 million shares changed hands in the last minute of trading. But the movement in the Dow Jones industrial average was relatively anticlimactic. The Dow leaped 24 points, roughly half the amount it declined on one day a week earlier, to 1880. Market observers guessed that the hectic but comparatively unspectacular witching outcome meant that substantial profits had already been taken...
William Capobianco's one-man financial consulting firm in Eastchester, N.Y., would not exist without services such as CompuServe, Dow Jones and the Source. By plugging into these far-flung communication systems, Capobianco can advertise his company across the U.S., chat with clients, make travel plans and keep up with current affairs. Says he: "I couldn't survive without the networks...
Until last week, many Wall Street investors thought the fun was over. The extraordinary bull-market surge that began last September seemed to have sputtered as of April 21, when the Dow Jones industrial average hit a peak at 1855.90. Between then and May 19, the Dow plunged 97.72 points, to 1758.18, losing more than 5% of its value. But when Wall Streeters returned to their command posts, computer terminals and telephone consoles after the Memorial Day hiatus, they happily resumed some unfinished business: a dizzying bull- market comeback...
...first sign of a rebound came in the two trading days before the holiday, May 22 and 23, when the Dow jumped a total 48.12, to 1823.29. Since Wall Street customarily quiets down before a long weekend, many investors had to scramble to take part in the sudden rise. "There's no doubt it caught them absolutely by surprise," said Eugene Lerner, a professor of finance at Northwestern University and president of a Chicago investment-management firm...
Even so, the steep upward direction of stocks prompted traders to hang on to their investments over the weekend rather than sell them off to lock in profits. The mood was still ebullient when the market reopened. The Dow leaped 29.74 on Tuesday and 25.25 on Wednesday to a record 1878.28. The unprecedented four-day rise was 103.11, which more than recouped the index's recent losses. The Dow inched ahead 4.07 on Thursday to set another record close and then slipped back 5.64 on Friday to end the week...