Word: dowe
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Look at how fixated we've become with the daily ups and downs of the Dow--how our hearts race when the market is up and how we sag when the market does. Or look at how we've turned mutual-fund managers like Peter Lynch into celebrities. Most of all, look at the extraordinary extent to which we now rely on stocks to fund our retirement, send our kids to college and allow us to lead the kind of comfortable lives we view as middle class. We believe in the market today with something approaching religious faith...
...contrary. The Crash proved that people should have listened to him instead of to those charlatans who encouraged investors to borrow so heavily and to speculate so wildly. And if Americans had soured on the market by the end of the 1930s--and how could they not as the Dow Jones average lost 60% of its value and people came to see how rotten the game had been--Merrill eventually came to the conclusion that someone would have to rekindle the country's faith in the market. He turned to the only man he thought capable of the task: himself...
...When the Dow peaked at 985 in 1968, the conglomerate movement comprised dozens of America's largest companies, including Textron, Litton, Teledyne, Raytheon, Walter Kidde & Co. and US Industries. The movement would sputter to a halt in the '70s, its oxygen cut off by rising interest rates and a falling market. A surprisingly anticonglomerate Nixon Administration crimped the most aggressive expansions in the interest of protecting what Ling calls "the smokestack-industry crowd" of old-line executives. Ling was forced out of LTV in 1970 as part of an antitrust settlement. Bluhdorn died on a company jet in 1983. Geneen...
...rich roots of all this actually predate the past turn of the century, to 1882, when three striving journalists--Charles Dow, 31, Edward Jones, 27, and Charles Bergstresser, 24--started Dow Jones & Co. to pick up news and gossip and then peddle them to brokers, bankers and slippery speculators. In 1889 Dow Jones launched the Wall Street Journal, a four-page stock-and-bond paper. Price: 2[cents]. As Edward Scharff writes in his book about the company, Worldly Power, "The Dow Jones messenger boys and reporters hustled advertising and subscriptions while they made their rounds... Much of the financial...
Sources: Challenger, Gray & Christmas, Inc., Wall Street Journal, Dow Jones News Service, International Council of Shopping Centers, FAO Schwarz, Tiger Electronics...