Word: dows
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Dates: during 1930-1939
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Like a well-spread buffet lunch, there was food for every thought in last week's business figures. The stockmarket slipped badly one day, steadied the next, ended about on the same level (140.24 on the Dow-Jones industrial averages) it had maintained for two weeks. Some thought this was a lull before a reaction, others declared it a pause while business caught up. Meanwhile, steel production rose again, reaching 39.8% of capacity, an eleven-point rise since prices were cut June 24. Lumber production and wholesale food prices were also up. Freight loadings were off more than seasonally...
...Exchange, however, turned down last week in the reaction which Wall Street always expects as speculators cash in their profits. One day sales volume hit the highest point since October 29, (2,774,320); two days later volume tumbled to the lowest in three weeks (592,300). Dow-Jones industrial averages at week's end stood at 136.20, down 2.33 points from the 1928 high of the week before...
Although prices last week did not keep up the pace of the previous week's uprush, they showed handsome gains. It was even proposed that SEC ease its rules against short selling to keep prices from scoring too many home runs. At week's end, Dow-Jones averages showed new 1938 highs for industrials, up seven points from the week before to 138.53, and for utilities up two points to 22.27; rails, up two points to 27.57, were higher than they have been for four months...
...week it had a chance to use it for the first time. FLASH-X (U. S. Steel) 49⅞. FLASH-A (Anaconda Copper) 28. FLASH-T (American Tel & Tel) 140½. When the clay's closing bell bonged, brokers had enjoyed the first million-share day since May, Dow-Jones industrial averages were up a thumping five points to 118.6 (1938 low: 98.95; 1937 high...
Next day the surge continued, with Allied Chemical leading the way with a $9 gain. On volume of 1,457,000 shares, the industrial averages went through the previous rally peak of 121 to 121.34. To Dow Theorists, of whom there are an immense number (TIME, June 20), this was enormously significant-if the rail averages confirmed the industrials by breaking through their previous high of 23.5, it meant a decisive change of trend. Two days later, rails, highballing after industrials, went to 24.9. To Robert Rhea, leading exponent of the Dew Theory, this was "more bullish than anything seen...