Word: dowing
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Dates: during 1980-1989
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...Dow Jones industrial average scored its largest one-day and one-week gams on record, finishing at 869.29, up 81.24 points in only five days. The market had its busiest day ever (132.69 million shares traded) and its second busiest ever (95.9 million shares). Before last week's action, daily volume this year had been averaging about 52.3 million shares. The week's total volume of 455 million shares shattered the old record of 329 million set in March. In fact, more shares were sold last week than in the entire year of 1953. Said Samuel Kachel...
...chief economist of the Salomon Bros, investment house, had also changed his mind on interest rates. Word that these two gurus, known on the Street as Dr. Doom and Dr. Gloom, had reversed themselves electrified the stock exchange. By 10:20, just 20 minutes after the market opened, the Dow Jones industrial average was up almost 5 points...
Salomon Bros, officials, who had been besieged by telephone calls all morning, confirmed at 10:41 that Kaufman was releasing a new forecast that predicted further declines in interest rates. By 11:10, the Dow was up almost 9 points, and the rush to buy was on. Leading the charge were the scores of cash-laden institutional investors, including pension funds, insurance companies and banks, which snapped up stocks in blocks of 10,000 shares or more...
Because few portfolio managers were willing to risk missing a major market rally, a buying panic quickly built up. When the exchange finally closed at 4 p.m., the Dow had risen by a record 38.81 points, to 831.24, on a volume of 92.86 million shares. Exhausted but elated, the traders cheered lustily, tossed confetti into the air and kept the bar at the stock exchange restaurant open until 8 p.m., an hour after its usual closing time. The one-day spurt eclipsed the old mark of 35.34 set on Nov. 1, 1978, when President Carter announced his emergency program...
...Sheik Mohammed bin Rashid al Maktun (who bought the record-breaking filly at Saratoga), have brought piles of new money into the enterprise. In addition, Thoroughbreds are tax sheltered and relatively portable collectibles whose value has appreciated not only more than inflation but well beyond most other investments. The Dow Jones index rose a bare 7% in the past 20 years. Prices at sales like Keeneland's have skyrocketed by 2,600%. "From an investment point of view," says New York City Consultant Robert Fierro, "oil and gas are dead. Equipment leasing is dead. Real estate, especially in California...