Word: dowe
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Dates: during 1980-1989
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First the recovery took off far more powerfully than nearly all experts had expected. Now the prospect of further giant federal deficits is raising fears that the upturn may abruptly end. Such concerns have sent the Dow Jones industrial average plummeting 110 points in the past month. At a meeting last week in Manhattan, the members of TIME's Board of Economists foresaw continued growth this year, but predicted that the recovery's pace would slow. Said Walter Heller, who was chief economic adviser to Presidents Kennedy and Johnson: "The expansion won't peter...
Shaken by skidding prices and economic misgivings, many investors are wondering whether the bull market, which saw the Dow Jones industrial average go from 776.92 on Aug. 12,1982, to 1287.20 on Nov. 29,1983, has run its course. Last week the Dow Jones closed at 1148.87. Says Leon Cooperman, chairman of the investment-policy committee for the Wall Street firm of Goldman, Sachs and a guest at last week's meeting of the TIME Board of Economists: "Unless we deal with the budget deficit and can get lower interest rates, the odds are that the bull market...
...Goldman, Sachs strategist believes Congress and the Administration would have to move to slash some $50 billion from the roughly $200 billion federal deficit to reignite the market rally. His opinion: "I think people are through overlooking the deficit problem." For now, Cooperman expects the Dow Jones average to dip as low as 1050 before the current decline ends. That drop would represent a nearly 20% fall from the indicator's November peak. Says Cooperman: "That would not be unusual in the context of a bull market correction...
Such talk stunned the stock market, which has been backsliding for a month. On the day of Regan's remark, the Dow Jones industrial average plunged 24.19 points, its biggest one-day drop in more than 15 months. Observed William LeFevre, a market strategist at Purcell, Graham, a New York City investment house: "Wall Street is saying this do-nothing attitude about the deficit can't go on. Investors have lost confidence in the Administration's ability to deal with its fiscal affairs." Since the Dow hit a peak of 1286.64 in early January, the market...
...Report of the President, prepared chiefly by Feldstein. The Treasury Secretary was upset about Feldstein's dark view of the deficit and his calls for a tax increase, a step that Regan and President Reagan oppose. A report of Regan's "throw away" comment went over the Dow Jones News Service wire at about 11 a.m. At the time, the Dow Jones industrial average was up 8.17 points. By the 4 p.m. closing bell, the average had sunk 25.02 points, to finish the day down...