Word: downtrends
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Pinch & Punch. What did the signs add up to? Answers ranged from a breather (Dwight Eisenhower) to a serious recession (Texas' easy-money Democratic Congressman Wright Patman). Various economists and businessmen called it recession, rolling readjustment, healthy adjustment, mild cyclical adjustment, slowdown, shakedown downturn, downtrend, sidewise movement, plateau, leveling off, period of hesitation, soft period, temporary cyclical swing in long-term growth, polka-dot prosperity with the spots getting bigger...
While the market's erratic performance turned many Wall Streeters bearish, few experts cried doom. Instead, they saw the downtrend as an orderly retreat from early summer's unwarranted high level, which brought the market within a point of the alltime 521.05 peak set last year. The selling waves were generally light-average daily volume was less than 2,000,000 shares-a sign that investors are not discouraged and intend to wait out the slump. Most big institutional investors appeared to be switching to other stocks instead of leaving the market altogether; there was no sudden rise...
...rallied Wednesday, until a selling surge was set off by President Eisenhower's warning that the Government might have to impose wage and price controls. By that time not even Secretary of Commerce Weeks's prompt assurance that no controls were planned was enough to stop the downtrend. Next day the market dropped through the 1957 low set two days before. At week's end the market steadied, but the Dow-Jones average ended the day at 466, nearly 11 points off from the previous week. Wall Streeters began watching anxiously for a test...
Commodity market prices often forecast retail prices six to nine months in advance, since it usually takes that long for the rise or fall in wholesale prices to be passed on. Last week the commodity markets showed a distinct downtrend. Copper, at a 90-year peak of 46 a lb. only last March, slumped to 34?, was expected to drop still further. No. 2 copper scrap, also a March record-breaker when it hit 45.5?, fell 20? to the lowest price in some two years as copper production outpaced demand...
WHEAT PRICES will rise this year, after recent downtrend. Soil bank is expected to take 15 million acres out of use, help trim 150 million bu. to 200 million bu. off 1956 crop of some 990 million bu., reduce surplus for first time since Korean war. Exports are also up 100% over last year because of loosened Government controls on shipments, U.S. aid to foreign buyers, wheat shortage in Europe...