Word: market
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Dates: during 1970-1979
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...Wall Street today is also very different from what it was a half-century ago. Then the market and the country were in an ebullient mood; optimism was king. The stock market law of gravity held that whatever goes up must go up again. During one day, RCA-the IBM of its era-soared 40 points. In recent years, however, the stock market has had the blahs, reflecting national uncertainty about the future. This summer the Dow Jones industrial average had already declined 50% from its peak of 1051 in 1973, when adjusted for inflation. Concludes Economist John Kenneth Galbraith...
...Joseph Kennedy the insider's tip to "buy oil and rails." In the past decade, 7 million small investors have pulled their money out of Wall Street and spent it on real estate, gold or simply a new mink coat. Over half of today's market is dominated by professional investors representing pension funds, insurance companies or mutual funds. They have better financial backing and are far less likely to take a flyer than were their predecessors. As a result, the market is less fun but more stable...
...their own funds. The Fed can also slow bank credit to stop speculation from feeding a boom, a step it took last week. In addition, there was no watchdog Securities and Exchange Commission in 1929 (it was set up in 1934). Today the SEC closely polices financial markets to stop inside dealing and fraudulent company reports, which were rampant in the '20s. While a stock market fall is always possible, it is less likely now to ripple through the economy...
Even before the opening bell rang, the traders, specialists, clerks and messengers who work on the floor of the New York Stock Exchange sensed that Wednesday would not be an ordinary day. The Federal Reserve Board's decision to raise the prime rate had already rocked the stock market, triggering a frenzied sell-off that had sent the market plummeting by a startling 26 points on Tuesday-the worst setback it had suffered in nearly six years. Now, at brokers' booths and trading stations, everybody was fretting about what worried investors would do next. "We're going...
...early afternoon, the market was down 20 points and the tape, which had already been delayed half a dozen times, was running nearly half an hour behind the trading. As it did so, the tension increased. At one booth, a cheer went up as a stock that had been doing poorly all morning started to rise. The cheer turned to silence and then to boos as the stock, like a plane that has suddenly stalled, winged over and began to fall. At a trading station, a specialist berated a clerk who had just placed a slice of pizza...