Word: indexers
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Dates: during 1950-1959
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...sudden, unexpected news almost always upsets a free market. The Chinese overtures caused many stocks to drop as much as two points, a few (notably the peace-vulnerable aircrafts) as much as three points. This week the drop continued; in one day the Dow-Jones industnal index fell 5.93 points to 274.10. The heaviest selling began in commodities, not only on US. markets, but on Europe's bourses In the U.S., futures contracts in wool, rubber, sugar, soybean oil and grains went tumbling. In one day, the Dow-Jones index of commodity futures fell 2.69 points, biggest drop...
...many retail prices. And even hough some retail prices are still rising the worldwide price trend, forecast by commodities is downward. Many of the commodities, like wool and rubber, which had the biggest rise right after the Korean war, have had the sharpest fall since. The Government's index of all commodities (2,000 separate items) is not far above its pre-Korea level, but some key commodities (e.g., fats, oils and fibers) are below the June 1950 level...
...this mean more inflation? For the moment, it apparently meant some. Last week the new cost-of-living index (TIME, Nov. 6, 1950), embracing 300 items instead of the 225 in the old, actually showed a .2% drop. But the figures were six weeks old. A more sensitive index, that of the daily prices of 22 spot commodities, had risen 2.3% since Dwight Eisenhower's State of the Union speech announcing decontrols. These rises had not yet been reflected in retail prices, but would soon boost some costs since there was no sign of a slackening in demand...
...Excellent Prospects." Production is still rising. The FRB's index rose two points in February to 239 (1935-39 equals 100). In the same month, auto production, the biggest since last March was at an annual rate of 6,200,000 cars. For the long pull, even the ousted Fair Dealers were feeling bullish. Treasury's ex-Secretary John Snyder, who had stayed around to help his successor, took off last week, after a White House visit, with the parting word that there were "excellent prospects for a continuing high level of production and consumption...
...unshackling, wages have been set free and prices are being set free. By last week only 17% of the items on the cost-of-living index were still under control. The tangled mass of red tape which has hobbled civilian industry in procurement of basic materials was being wadded up and thrown in the wastebasket. The Administration, said Dwight Eisenhower, will step back in with controls only if that becomes vitally necessary. Natural economic laws will be given, in the words of Defense Secretary Charles Erwin Wilson, "the darndest whirl" in 20 years...