Word: dowing
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Dates: during 1980-1989
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Since the crash, many legislators have urged a clampdown on program trading, in which large blocks of stocks and futures contracts are simultaneously traded to reap a quick profit from price discrepancies. The Big Board has imposed its own safeguard: a ban on the practice whenever the Dow Jones industrial average falls more than 50 points in one session. But the new study is likely to ease the pressure for more controls. Said Robert Kirby, a Los Angeles money manager who has attacked program trading in the past: "If the numbers stay like this, it may go away...
Major banks followed the Fed's lead. By week's end the prime lending rate for business borrowers rose from 9.5% to 10%, a three-year high. The rate hike was poison for the stock market: the Dow Jones industrial average fell 73.26 points in two days after the central bank announcement and closed on Friday at 2037.52, down 81.61 for the week...
...other giant securities firms have harvested huge profits from a bull market that has raged on the trading floor of the Tokyo Stock Exchange for six years. The Japanese call it the age soba, or rising market, ascent has been dizzying: the 225-stock Nikkei index -- Japan's equivalent Dow Jones industrial average -- has surged 400% in value since beginning its bullish burst. The $3.5 trillion now invested in the Tokyo market makes it world's largest. Even the devastation wrought by last October's global stock only temporarily dampened the spirits of Tokyo traders. Although the Dow...
...rich man's game now," says Harry Steve, general manager of the San Jose Giants. Adds El Paso Diablos Owner Jim Paul: "I keep saying prices are going to hit a limit, although they don't." Like gold at $800 an oz. and stocks when the Dow hit 2700, the value of minor- league clubs could be due for a tumble...
...impose restrictions when prices begin falling out of control. One safeguard will be a "shock absorber," a half an hour price floor that will go into effect on the Standard & Poor's 500 index whenever it drops on the Merc by the equivalent of about 96 points on the Dow Jones average. Under even more stormy conditions, if the Dow drops 250 points, a "circuit breaker" would halt trading for one hour on both the Big Board and in the Merc's S&P futures...