Word: mid-august
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Several encouraging economic trends have sparked and sustained the rally, which has pushed the Dow up by an astounding 275 points (35%) since mid-August. Inflation slowed to an annual rate of only 2.4% in September, a crawl by comparison with the 8.9% pace of last year. Because prices are rising less rapidly and the Federal Reserve Board has eased its monetary policy, interest rates have dropped sharply in the past three months. The bench-mark prime rate charged for corporate loans, for example, has dipped at some banks to 11.5%, from 16% in July. Investors are increasingly confident that...
...Since mid-August, the Dow Jones Industrial average--the widely-accepted barometer of the stock market's performance--has skyrocketed 30 percent amid heavy trading and has hovered around the 1000-point mark. The bond market has also risen more than 25 points in the past two months...
...ratings dipped five or six points over the weekend following the announcement, but rebounded by last Tuesday after interest rates continued to fall (the prime rate was down to 12% from 16.5% in midsummer) and the stock market shot up (from 777 on the Dow Jones industrial average in mid-August to 993 at the end of last week...
Although board members were generally relieved that Congress had dented the federal budget deficit a bit by adopting a threeyear, $98.6 billion package of tax increases in mid-August, budgetary red ink remains a key concern. Alice Rivlin, director of the Congressional Budget Office, said that analyses done by her staff show a deficit climbing to $155 billion by next year and staying at about that level until 1985. This compares with an earlier forecast indicating that if no action were taken by Congress, the deficit would increase to more than $230 billion...
...University officials responsible for selecting masters will decide by mid-August whether to search for a permanent master or a temporary one for the fall. Dean of the College John B. Fox, Jr., '59 said this week...