Word: dowe
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...YORK--The Dow Jones industrial average tumbled 550 points yesterday, forcing the stock market to shut down for the first time since the 1981 assassination attempt on President Reagan...
...Asia, and it had nothing to do with the dim sum. While Wall Street paraded record profits, in Hong Kong the sky was falling. Efforts to prop up the currency rocked the Hang Seng index, and the effect was more catastrophic than any galactic collision. By Friday, the Dow was as bitten as a Marv Albert chew-toy. Looks like George Soros has a lot more to answer...
...YORK: So what was it? Not a crash. Not even a panic, really. But when a scare in Hong Kong wafts west and sends the usually buoyant Dow plummeting as much as 230 points from the opening bell, something significant may be afoot ? even if things did settle in at down 186.88 by closing time...
...news for small investors is the same old buy-and-hold; once the big cash is back at home, the U.S. markets will stabilize. Indeed, by closing Thursday, there were signs this had already begun. But if the bears don't scatter, and suddenly the Dow's closer to seven grand than eight, listen to Kadlec: "That could be a heck of a buying opportunity...
...turned out, the '87 carnage was quickly repaired and never did ripple in a way that would curb consumer spending and dampen the economy, as many feared might happen at the time. Just two years after the crash, the Dow was setting records again and the investing public had learned, rightly or wrongly, to buy when the market drops. The bigger the decline, the greater the opportunity. So goes the dogma of the day, and it is ironic that the greatest one-day plunge ever--the 1929 crash was a mere 12%--was the springboard for today's equity culture...