Word: dowe
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Dates: during 1980-1989
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...direction of the surge has been up and down, but mostly up. Since the advance began, ironically on Friday, Aug. 13, the Dow Jones industrial average has gained 106.55 points, to 883.47. Says Greg Smith, director of research for the E.F. Hutton brokerage house: "We think the market has turned and could rise another 25% in the next year...
Sudden moves in the market have often come at dramatic turning points in the course of economic policy. On Nov. 1, 1978, the Dow Jones average gained 35 points after President Carter unfurled a dramatic plan to shore up the value of the dollar in international commerce. On Oct. 6, 1979, the Federal Reserve Board announced a historic policy change by adopting a more monetarist approach for controlling the U.S. money supply. That had the immediate impact of sharply boosting interest rates. Within a week, the Dow dropped almost 59 points...
Even so, the market is still edgy and extraordinarily volatile. Persistent fears about the future of the economy have restrained the bulls from running free. After jumping 22 points on Monday of last week, the Dow average plunged 16 points on Tuesday. It rose 17 on Wednesday and Thursday and then dipped 9 on Friday. For the week, the Dow was ahead by 14 points...
...protection of the federal bankruptcy laws. Manville's business operations are still sound, but the company has been overwhelmed by lawsuits from thousands of people claiming to have suffered serious health problems because of exposure to asbestos. Even though Manville stock was one of 30 that make up the Dow Jones industrial average, the market shrugged off the firm's troubles, and the Dow gained 11 points in the first hour of trading. Dow Jones quickly said that American Express Co. would replace Manville in the blue-chip index starting this week...
Later on Thursday, one of Wall Street's most stubborn bears, Analyst Robert Farrell of Merrill Lynch, suddenly sided with the bulls. He predicted that the rally would last for seven to eight weeks and perhaps take the Dow to 950. Previously, he had forecast a peak in the index of no more than 870 this fall...