Word: slump
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...next twelve months. Stocks then plunged anew. At the end of the week, the Dow Jones index stood at 824, a decline of 200 since its high this year of 1024 on April 27. Granville did equal damage while visiting Britain. His prediction of a London stock exchange slump sent the market into a 20.5-point free fall...
...into deeper trouble. The country's economy is already suffering from anemic growth, 7.7% unemployment and sagging investment. Nationalizing the banks-and 32 large industrial enterprises, including the Dassault airplane manufacturing company and the Saint-Gobain-Pont-à-Mousson fiber-glass maker-will almost certainly deepen the existing slump by making businessmen more wary of investing their money. Says J. Paul Horne, European economic analyst for the Smith Barney, Harris Upham & Co. investment firm: "The French private banking sector is all but gone. New private investment in France has been virtually frozen since the election...
Median-priced homes are the part of the market hit hardest by the slump...
Send in the Clowns. DoALL Company, a Chicago-area machine tool distributor with nationwide offices, hired the Eastern Onion Singing Telegrams company of Bethesda, Md., to bring its message to 74 undecided Congressmen, DoALL's local branches had been hurt by the business slump, and they favor the President's tax plan. Their ditty, sung to the tune of The Yankee Doodle Boy, concluded: "You'll have a job for every man/ So just say 'Aye'/ Don't be a slob/ Someday you might have Reagan's job/ So please vote for Reagan...
...slump has cooled inflation from its 13.5% pace of last year, but consumer prices in June were still rising at an uncomfortable 8.8% annual rate. Though economists have been predicting for months that interest rates would drop, the cost of money remains stubbornly high. Two-year Treasury notes were auctioned last week at a record price of 15.92%. The towering charges for borrowing money sent the Dow Jones stock average skidding to 924, its lowest point of the year...