Word: marketing
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Dates: during 1950-1959
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...skittish as a newborn calf, Wall Street's bull market last week stumbled hard. Stocks dropped 14.82 points on the Dow-Jones industrial average to 637.36, well down from the peak of 678.10 in early August. Brokers all gave the same reasons for the market's weakness: tight money, the steel strike and Premier Khrushchev's visit. Many of them also agreed on what the market will do next. Said Carl M. Loeb, Rhoades Partner Samuel L. Stedman: "I expect a good strong rally before the end of the year, because there is money piling...
...reasons for optimism is that volume has been comparatively small; as the market slid, much of the selling came from small investors. Big institutional investors have not been selling, but they have not been buying either, thus have not been the bullish force they usually are. Brokers do not think that much of the bad news on the domestic side is cause for great concern. For two weeks, the market's anticipation of a rise in the Federal Reserve's discount rate added to the decline. But at week's end, after the rise came, the market...
Some bears counter that the reverse spread between stock and bond yields (see chart) will cause a shift in money from stocks to bonds. They argue that in the past, when bond yields have far exceeded those of stocks, the market has tumbled. But investors in today's market have shown little interest in getting highly taxed dividends; most are seeking capital gains, which are not only lower-taxed but are a hedge against inflation. Those who have shifted over the past year have had heavy losses, because prices of bonds have fallen-although their yields have risen accordingly...
...rate at which the banks could lend money to their customers. After commercial banks upped the rate to their best customers from 4½% to 5% (TIME, Sept. 14), the interest spread rose to 1½%. Moreover, for several weeks the old discount rate was actually below the going market rate on U.S. Treasury bills, creating an opportunity for banks to borrow from the Fed and make a neat and riskless profit by investing in Government securities...
Behind the Fed's decision to follow the interest market up another half notch was concern over the ballooning of commercial loans, which have continued to rise despite downturns in loan requirements in industries affected by the steel strike. During the strike's early stages, the Fed delayed raising the discount rate for fear of adding to the effects of the strike on the economy. But as it became clear that the strike was not slowing the boom, the Fed began to worry over what will happen when the steel strike ends and steel users return in full...