Word: mid-may
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Despite a rally last week, the Dow-Jones industrial average is 15% below the year's high of 969, which it reached in mid-May. The Standard & Poor index of lower-priced shares is down 35%, and many other stocks have lost 50% or more of their value. The plunge has hit nearly every industry. From their 1969 peaks, shipping stocks are off 46%, airlines and motion pictures 40%, aerospace 39%, sugar companies 38%. Losses are only slightly less among coal, copper, textile, oil and insurance shares. Most of the leading conglomerate corporations have dropped disastrously: Litton...
...stock market's $100 billion decline since mid-May has wounded every kind of investor-amateur and professional, neophyte and veteran, racy speculator and wary conservative. The psyche has been hurt as badly as the pocketbook, and the pain of loss is sharpened by the thought of what might have been. Though every investment is a risk, more investors than usual are furious at their brokers for having talked them out of selling last spring, when they could have cashed in rich profits...
...outperform the mar ket. Last year's rich winners were those fund managers who correctly foresaw that the market would rally after President Johnson's renunciation. This year those managers failed to anticipate that the market would tumble after bankers raised the prime rate to 81/2% in mid-May. Many of the go-go funds were loaded with thinly held stocks of nursing homes and computer-leasing firms, which were badly battered by the Government's anti-inflationary drive...
Bleeding in the Markets. Worried about tight money and the economy's future, investors continued to unload stocks last week. The Dow Jones industrial average declined another 19 points to 876. Since it reached the year's high of 969 in mid-May, the market has dropped like a stone...
...CAMPUS UNREST. Congressmen have readied a spate of bills to suppress campus disorder-and thus caused a fast turnaround by the Administration. As recently as mid-May, Attorney General John Mitchell assured Congress that there was no need for any such new measures. Yet last week, the White House put out word that it was considering legislation extending to federal courts the power to issue injunctions preventing students from disrupting classes. The aim is to head off more stringent legislation originating in Congress...