Word: market
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Dates: during 1970-1979
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...floor of the New York Stock Exchange, where prices had generally been climbing through the year, brokers were swept up in a selling wave that caused pandemonium on Wall Street and twinges of fear throughout the country. In just five days, the market dive left investors with some $55 billion in paper losses and sent the Dow Jones industrial average plunging a total of 58.62 points to a week's close of 838.99. In terms of points, that was the Dow's second steepest one-week decline ever; during the week of Oct. 16, 1978, when prices were hammered...
...other markets, there were similar cries of pain as huge price gyrations roiled trading in everything from metals and corporate bonds to livestock and even futures contracts for wheat and soybeans. In his office just off Chicago's LaSalle Street, the heart of the Windy City's financial district, Bond Trader Colin MacDonald paused long enough from juggling the phones on his Government securities desk to complain to a reporter that "the market's in a shambles. Before this is over, there'll be enough resignations from wiped-out traders to fill the Yellow Pages...
...longer concern itself with trying to manipulate interest rates, its traditional device for controlling the growth of money, and will just stop creating so many dollars instead. The Fed regulates the level of money in the economy by buying or selling Government securities through its so-called Open Market Desk at the New York Federal Reserve Bank. When the bank buys the securities, it pumps money into the economy; when it sells them, money is drawn out, and interest rates rise. The Fed is now saying that, within broad limits, interest rates can go where they will because the bank...
...market break came on Tuesday. That was when the naition's banks reopened after the Columbus Day holiday, and made their response to the Fed's discount-rate rise. Led by Chase Manhattan, the nation's third largest bank, several institutions immediately raised the prime rate (the interest charged the most credit-worthy corporate customers) from 13.5%, already a record, to a new peak of 14.5%. Since quarter-point raises are the norm, the effect of the full-point boost in the prime was electric. Not only did it push the interest charged to margin investors up close...
...Board, sanity began to return late Wednesday, when large institutions like insurance companies and pension funds moved into the market heavily to buy up stocks that other less cool-headed investors had been selling off at unrealistically low prices...