Word: indexers
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Dates: during 1960-1969
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...York Stock Exchange ticker rattled off a new quotation last week: "11 a.m. market down 1 cent, NYSE index 46.73 down 0.01." Thus, for the first time in its history and only after several years of on-and-off deliberation, the exchange issued its own index reflecting Big Board trends...
...Works. By relating itself more closely to the actual price of stocks, the Big Board's new index is frankly intended to flatten out, at least on paper, the market's daily changes (see chart). Exchange computers record all transactions-as many as 250,000 on a busy day-in all of the 1,254 common stocks listed. These are translated not into a point index but are given in dollars and cents, and a fresh quotation is turned out every half-hour...
...keep its index figure realistically close to the price of stocks, the exchange used the figure 50 as the base average value as of Dec. 31, 1965; the day actually closed at $53.54. All fluctuations are calculated against this base. Thus, since the market has gone down in the past six months, the index opened below 50. Like the Dow-Jones, the exchange's index will have a tendency to inflate with splits and new issues. But unlike the Dow, it will be adjusted to keep it close to stock prices. For example, if it reaches 100, it might...
...runs made for this year, the top-to-bottom exchange index showed almost exactly the same percentage changes as the selective Dow-Jones. But its point spread was smaller and the market decline did not seem so spectacular. It should be recognized, however, that neither will a market surge...
...medieval-style emporium with vaulted arches, displays its caviar and Japanese shrimp on cracked ice (artfully hiding its modern refrigeration equipment), while live carp, perch, pike and rainbow trout swim in ornate marble fountains. Hamburg's 150-year-old L.W.C. Michelsen's offers a scientific index to its 1,000-odd spices, exhibits Australian apricots, French bread baked the same day in Paris-and, of all things, Heinz cream-of-mushroom soup. Rollenhagen's in West Berlin operates a year-round airlift of fresh strawberries, lettuce, mangoes, papaya and eggplant...