Word: sell
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Dates: during 1970-1979
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...headlong rush that the ticker tape reporting transactions and prices fell as much as 63 minutes behind the pace of trading. "This thing is feeding on itself," fretted William LeFevre, vice president at one Wall Street brokerage house. "Each decline triggers another batch of people who have to sell...
...bell rang, the traders, specialists, clerks and messengers who work on the floor of the New York Stock Exchange sensed that Wednesday would not be an ordinary day. The Federal Reserve Board's decision to raise the prime rate had already rocked the stock market, triggering a frenzied sell-off that had sent the market plummeting by a startling 26 points on Tuesday-the worst setback it had suffered in nearly six years. Now, at brokers' booths and trading stations, everybody was fretting about what worried investors would do next. "We're going to get sellers," said...
...prediction proved correct. As an unseasonable October snowfall swirled outside, a far fiercer storm began to rage inside the exchange. Only minutes after trading opened, brokers were deluged with orders to sell. By the time trading had been under way for an hour, everyone realized that the rush was on. "It's almost a total panic," said a broker whose clients were jamming his telephones in their haste to sell. "More dramatic than anything I've seen since the assassination of President Kennedy. The institutions and banks are selling, but they aren't as dramatic...
Historically, bonds have been difficult to sell at a time of rapidly rising interest rates. The IBM paper carried a yield of 9.41%, whereas even the new Treasury notes and government bonds returned fractionally higher interest. Also, over the Columbus Day weekend, rumors began to circulate that IBM's third-quarter earnings were down. In fact, as announced late in the week, they fell 18%. The unsold paper, possibly $300 million worth, was dumped on the open market, where it fared badly. IBM's timing ignored a hoary Wall Street axiom: "Never commit yourself to a major issue...
Somehow, when stock market investors get panicky and start to sell at unusually low prices, large institutions like insurance companies and pension funds always move in to save the market--and pick up a few good bargains at the same time...