Word: indexable
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...year and early next year. Joseph Granville, the widely followed stock market guru, predicted that the Dow Jones industrial average would drop another 200 points to 650 or 550 during the next twelve months. Stocks then plunged anew. At the end of the week, the Dow Jones index stood at 824, a decline of 200 since its high this year of 1024 on April 27. Granville did equal damage while visiting Britain. His prediction of a London stock exchange slump sent the market into a 20.5-point free fall...
...engulfing the White House last week. Senators, Congressmen and outside experts hammered away. Quit slicing at the regular appropriations, some said, and go after the big entitlements like Social Security. Chop more out of defense, argued others. Pay attention to Wall Street's warnings. Wall Street is an index of greed-attack it. Try the gold standard. Don't try the gold standard...
...brokers stood long-faced among the Dow's smoldering ruins: down more than 170 points to 851, the lowest level in 15 months and about where it was a decade ago. The American Exchange, with a high proportion of energy company listings, was hit almost as hard. Its index fell from 375 in May to 331 at the end of last week. But, in response to indications that credit growth is slowing, stocks rallied a bit late in the week. The Dow closed at 873, up nine points for the week...
...Bureau of Labor Statistics is working on several ways to solve the problem. The most widely discussed proposal is a new index, dubbed CPI-U-X1, that calculates hypothetical increases in the rent on a home, rather than the purchase price, during a month. If that index had been used in July, the annual rise in consumer prices would have been 10%, instead...
...hesitate to do it now. They argue that whenever mortgage rates finally drop, the CPI will fall rapidly and automatically cut back Government spending. Says a top Treasury official: "We want to jump off the CPI at the bottom, not at the top." In the meantime, the consumer price index will continue to be like a thermometer that does not give the right temperature...