Word: marketed
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Dates: during 1970-1979
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Even the averages, however, do not measure the depth of the market's doldrums. Some other gauges...
...more than 2 million, a cool 46% ahead of a year earlier; corporate profits increased 11.4% in the second quarter. But all this was lost on Wall Street, where stock traders continued to fret about everything from interest rates to new tax legislation. The Dow Jones industrial average, the market's most widely watched barometer, dropped 7.62 points last week, to 863.48, its lowest since the first day of trading in January...
...aberration? Hardly. Though economic recovery is continuing, stock prices have been sinking all year; the Dow is now more than 14% lower than it was on New Year's Eve. And the 1977 sag only climaxes a decade of disappointment. Indeed, the stock market, once a great driving force and sensitive indicator of the U.S. economy, has been steadily losing its vigor, and its hold on investors' minds, for most of the past dozen years...
...each month since January 1965 had been deflated by the rate of increase in consumer prices for that month, it would today be about 443 (see chart). Another way of putting it: 90? invested in the Dow stocks 12½ years ago has shrunk, because of inflation and the market's poor performance, to 44? today. The Dow is an average of only 30 blue chips, but broader-based averages do not tell any very different story. For example, Standard & Poor's average of 500 stocks, at 97.51, is about the same...
What is so depressing the market? The biggest reason for the long price stagnation is probably psychological. In the mid-'60s, people widely-and wrongly-believed that Keynesian economics had given governments the tools to control inflation and recession and keep business rising constantly. Recalls Arnold Bernhard, president of the Value Line Funds: "In the '60s stocks were bought on the assumption that growth would go on for ever." The economy of the '70s has been dominated by inflation, recession and fears of energy shortages, all adding up to that worst of stock market poisons-uncertainty. Complains...