Word: dows
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Dates: during 1950-1959
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Bottom & Peak. As bond prices dropped, the big mystery was: Why did investors fail to take advantage of the bargains? Yields on the Dow-Jones average of 40 bonds rose to 4.30%, close to the yield of 4.53% on the blue-chip stocks. Yet until last week the shift toward bonds was remarkably slow, apparently because many investors were waiting for bond prices to drop even further...
...major steel issues sagged badly, from Armco's slide of 3! points to Youngstown Sheet & Tube's dip of gf. The main reason was a sudden pessimism, largely touched off by a gloomy steel report front-paged in the Wall Street Journal, and sent over the Dow-Jones ticker, which said that demand is disappointing and inventories are building up too fast. Steelmen thought the report was far too pessimistic, and so did the industry's bible, Iron Age. Said Editor Tom Campbell to the American Warehousemen's Association in Chicago: "The facts do not suggest...
...stocks relative to a base period, currently the years between 1935 and 1939. Some professional traders prefer the Standard & Poor because its greater number of stocks presents a broader picture of the market and also because they feel that it is statistically superior. But the fact is that Dow-Jones and Standard & Poor are in fairly close agreement from day-to-day. Both show the same broad ups and downs in the market, and their analysis of the degree of change often matches...
Nevertheless, every real Wall Streeter knows that Standard & Poor's daily average, like the Dow-Jones, is only a sketchy cross section of the whole market and thus attempts merely to show the broadest changes in trading sentiment. On a weekly basis, Standard & Poor does publish a mammoth index of 480 stocks, but for hourly and daily operations, it is impractical to calculate, such a wide selection, thus statisticians limit themselves to what they hope is a small but representative sampling. As a result, the averages sometimes show a rise in the market, when the fact is that...
...drive home their point, professionals like to tell the story of three men who went to Nairobi to start on a 14-month safari. When they left, the Dow-Jones average stood at 485, and when they got back, it was still at the same level. But one man found that his stocks had doubled in value; the second found that his had remained the same; and the third discovered that his investments had been cut in half...