Word: go
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Dates: during 1980-1989
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...stocks had soared more than 1,000 points since the 1987 crash. But by last August some Wall Streeters were clearly worried. Noted Donald Stone, a floor specialist for Lasker, Stone & Stern: "I've been on the trading floor for 39 years, and I've never seen the market go up so fast for so long without a major break." Yet the bulls kept on running. Just last Monday the market closed at a historic peak of 2791.41, its fifth record high in as many sessions...
...United deal as the latest sure thing in the 1980s buyout binge. Said John Downey, a trader at the Chicago Board Options Exchange: "The airline stocks have looked like attractive takeover targets. But with the United deal in trouble, everyone started to wonder what other deals might not go through...
Nowhere was the shock greater than on Wall Street, where some traders had left work early Friday to enjoy a balmy Indian summer day. "I was on the floor until 2:30," said specialist Stone. "The trading was so quiet that I decided to go home." But by the time he got there shortly after 3, the damage was already out of control. "I saw quite a bit of panic selling," said Muriel Siebert, who heads a discount brokerage that bears her name. UAL shares fell 5 1/2 points before trading in its stock was halted because the number...
Many investors, especially short-term speculators, were badly shaken. The biggest losers were Wall Street arbitragers, who make money by buying the stock of takeover targets and selling it at a higher price when the deals go through. The high anxiety about the junk-bond market sent the stocks of takeover targets plunging across the board. "The arbs got their heads handed to them," said Anson Beard, the chief trader for Morgan Stanley. "Very few anticipated that the UAL buyout could fail." Small investors suffered less because they have been less active in the market since the 1987 crash...
...constitutional amendment to ban flag desecration. Congress shied away from an amendment, but last week it passed a simple criminal law that would impose a jail term of up to one year on anyone who burned the flag. The White House indicated that Bush would let the law go on the books without his signature, because he thought it was probably unconstitutional...