Word: dowing
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Dates: during 1980-1989
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...future Vice President George Bush christened it in 1980), but the boom rolled on. A doubled national debt of more than $2 trillion? Trade deficits of more than $15 billion a month? What did that matter, when inflation had been cut to about 4.5%, unemployment to 5.9%, and the Dow Jones soared well over...
Then came Oct. 19, Black Monday. The Dow Jones passed 2000 in the other direction and went into a free fall, tumbling a record 508 points in one day. In that single trading session, half a trillion dollars of wealth simply disappeared. And the crisis came close to being an even worse disaster. With no buyers at all for a number of major stocks at times during the day, there was serious talk of shutting down the market entirely...
Certainly Wall Street was not happy. After soaring 136 points during the first three days of the week, the Dow Jones industrial average fell 47 points on Thursday, when the trade figures were released, then recovered a bit on Friday to close at 1867.04, up 100.30 for the week. Economists were encouraged that the record deficit did not send the stock market into a free fall; they remembered well that a less bleak trade report and a drop in the dollar helped trigger the Black Monday crash. The reason for the milder market reaction this time was that investors were...
...Reagan's tenure and the consolidation of Gorbachev's. Each leader faces political problems at home -- a Politburo can be as cranky as a Congress -- and sees a chance to solidify power by summit successes. Each confronts economic problems, from the perils of perestroika to the pratfalls of the Dow...
Business may pick up as the holiday draws nearer and memories of Black Monday grow fuzzier. But consumer confidence is getting no boost right now from the stock market. The Dow Jones industrial average took several dizzying downward steps last week, including a 76.93-point drop on Monday that ranked as the eighth largest one-day fall ever. For the week, it tumbled 143.74 points to close at 1766.74. The Dow is now just 28 points above its Oct. 19 nadir, and broader indexes of U.S. stocks are performing even worse. Shares on the American Exchange and over-the-counter...