Word: dows
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Dates: during 1950-1959
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...stock market's steep climb is beginning to cause more uneasiness than cheer. Last week, just after the market hit a 1958 high of 510.33 on the Dow-Jones industrial average, the Federal Reserve Board joined the ranks of the worriers. Noting that customer credit had increased by $746 million in the first half of the year, it raised margin requirements (i.e., the minimum cash payment required on stock purchases) from 50% to 70%. While the Fed thought its action would act as a damper on speculation, changes in margins have usually had almost no effect on the market...
...week's end shares of aluminum and copper helped lead the stock market to a new high for the year on the strength of price rises. The Dow-Jones industrial average closed the week at 505.43, highest since Aug. 1, 1957, after the market turned over 18,760,460 shares for the heaviest week of trading since last October...
Last week the Dow-Jones industrial average rose 15.21 points, burst through the 500-mark for the fourth time in history. At week's end the average stood at 501.76, highest since Aug. 5, 1957, and within hailing distance of the alltime postwar high of 521.05. Even more surprising was the volume: 18,581,325 shares, heaviest week of the year. Instead of tapering off at the weekend as it often does, the buying increased steadily, left the tape minutes behind as 4,427,280 shares, double the normal volume, changed hands on the closing...
Wars and rumors of wars usually cause commodity prices to rise. In the first 60 days of the Korean war, commodities went from 146.53 to 179.54 on the Dow-Jones commodity futures index. The current Mideast crisis has brought no such rise. In the two weeks since the Iraqi coup, the index actually eased down from 156.64 to 156.63. Said R. G. Patterson, director of Lamson & Sessions Co., a Cleveland metal fabricator: "We see no signs of scare buying. Nobody is excited...
...acceleration the Mideast crisis might bring. "Korea brought a quick dip and then a quick recovery," said Ralph A. Rotnem, partner of Harris, Upham & Co. "But today the market is more vulnerable; people are paying twice as much for earnings now as in 1950." Bears point out that the Dow-Jones industrials in mid-1950 sold at eight times earnings; during the '53 recession they sold as low as 9.5 times earnings; currently they are selling approximately 18 times earnings and yielding 3.9%, v. 6.16% at the time of Korea...