Word: investors
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Dates: during 1960-1969
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Rumors & Plots. Inevitably, some wild rumors spread: an Arizona investor heard that President Kennedy and Nikita Khrushchev had agreed to disarm; a Washington stockholder had a hot tip that the U.S. was about to invade Laos; others understood that Russia had dumped American securities in Switzerland to ruin the U.S. market. Just as inevitably, there was talk about some gigantic plot. In Los Angeles, retired Newspaperman John Gray, 87, who held on to his falling Southern California Edison stock, said: "The whole thing was started by people who wanted to discredit the President. They sold off huge chunks of stock...
...Labels. Yet it is the expectation of rising prices, profits and wages that spurs the whole economy-and that expectation has been badly dampened by President Kennedy's determined anti-inflation drive, particularly by his "guidelines" for industry and labor. The stock market's plunge reflects the investor's belief that prices and profits will not rise enough to give him a chance for good investment gain. The businessman's notable lack of confidence reflects his fear that the President may further interfere in the normal workings of a free market. As measured by the latest...
...Growth Cult. Market analysts, who rarely agree on anything, not only joined in ascribing the market's latest downfall to the steel crisis, but were unanimous on another point: over the past few years stock prices have been driven to unrealistic highs by the ordinary investor's infatuated belief in capital growth. In the single-minded pursuit of growth, declares David L. Babson of Boston's David L. Babson Management, investors "have been borrowing against the future.' Echoed Economist John Langum of Chicago's Business Research Corp.: "The stock market has for some...
...investor bid stock prices up to giddy highs, concentrating particularly on producers of the new scientific wonders-transistors, computers and space-age gear...
Nothing Negotiable. In attempts to explain the May 14 selloff, Wall Street analysts fell back on a melange of conventional reasons: the unsophisticated investor's fears of the Laos crisis, President Kennedy's treatment of the steel industry, and SEC's much-publicized investigation of Wall Street. The most popular verdict was that the market was "testing" its May 14 low point. If it broke through that low, the analysts solemnly explained, it would go still lower; if it did not, it would probably go higher. "This," gibed New York Times Financial Reporter Burton Crane...