Word: dows
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Dates: during 1990-1999
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...banquet room. Downtown, the stock market was having Solly and all the other big swinging brokerage houses for lunch, plunging a record 554 points in one nauseating session. The next day, Turnaround Tuesday, Salomon's traders, and everyone else, were too busy making money to have lunch, as the Dow reared up to gain back 337 points of that loss...
...beyond that obvious message, is there a deeper meaning? It seems farfetched that such a panic could occur for no good reason and without consequence. We're way beyond normal price volatility here. Throughout history, daily Dow moves of 1% or 2% up or down have been relatively common. But Monday's 7% decline was the 12th worst ever; Tuesday's 4.7% gain, the best in a decade. Was the market right on Monday or on Tuesday...
Like a snake charmer, Greenspan talked the market into a catatonic state--or was it that traders were merely exhausted? Prices remained somewhat stable the rest of the week, and by Friday the Dow stood 9.9% below its all-time high and few investors seemed much worse for the wear. There were some casualties, among them speculator George Soros, whose company lost $2 billion on Monday. Several Fed presidents joined Greenspan in talking up the economy. "The basics of the U.S. economy are strong," said Cathy Minehan, president of the Boston Federal Reserve Bank. "I see no reason why that...
...then the anxiety in New York was too high to be ignored, and traders began to express concern that a "wall of fear" might start to build on itself. When the Dow dropped 350 points, the first circuit breaker kicked in, around 2:35 p.m., and trading was stopped for 30 minutes. "It was eerie," says an exchange clerk. "I was shocked when I heard the bell stop trading." It was the first time circuit breakers had been triggered since their introduction after the 1987 crash. But the break seemed to unnerve traders. The market reopened to another wave...
...YORK: Bad news from the tech sector, strong labor demand and overnight weakness in the Japanese stock market joined forces to cause a sharp sell-off in early trading in U.S. markets Friday. The Dow Jones Industrial Average plunged 180 points in early morning trading. By close of play, it had recovered to a 103 point loss ? but investors' nerves were clearly frayed...