Word: indexes
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Dates: during 1980-1989
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That assessment proved unerring. After a steep drop in early trading, stocks roared back Monday to post an 88.12-point gain for the day. Then on Thursday, the anniversary of the 1987 crash, the Government reported that the Consumer Price Index rose a modest 0.2% in September, propelling the market to a 39.55- point gain. The Dow closed at 2689.14 Friday, up a record 119.88 points for the week. In Tokyo the Nikkei index lost 647.33 points Monday but surged more ! than 1,000 points in the next four days to finish the week...
...lived up to its frightful reputation. After drifting lower at a sleepy pace for most of the day, the Dow Jones industrial average abruptly lurched into a hair- raising sky dive in the final hour of trading. By the time the 4 p.m. closing bell halted the rout, the index had dropped a nightmarish 190.58 points, or nearly 7%, to close...
Meanwhile, the Government's chief early-warning gauge of inflation indicated last week that the U.S. economy may be headed for trouble. The Labor Department said its Producer Price Index rose 0.9% in September, or about 10% on an annual basis, to break a three-month string of declining wholesale prices. Earlier in the week, Federal Reserve Chairman Alan Greenspan suggested that the Fed remains wary of inflation and therefore would be averse to easing interest rates. That was not what Wall Street wanted to hear...
Some safeguards installed in the market after the 1987 crash may have helped cushion last week's fall. In Chicago the Mercantile Exchange twice halted trading in S&P 500 futures contracts, which represent the stocks in the Standard & Poor's 500 index. The automatic cutoffs, or "circuit breakers," slowed the contracts' drop. In 1987 parallel free falls in New York and Chicago, which are linked by computerized trading programs, had aggravated the collapse. But last week some Chicago traders claimed that the stoppages in futures trading restricted the ability of some investors to hedge their losses, forcing them...
...market drop echoed around the world. In Tokyo, Noriko Hama, a senior staffer at the Mitsubishi Research Institute, warned that "it could be very hard to stop" the Wall Street plunge from sending ripples through foreign stock exchanges. Tokyo's volatile Nikkei index fell 445.02 points last Thursday, its sharpest drop since June. The index rebounded 320.97 points on Friday to close at 35,116.02, down 93.33 for the week...