Word: stock-market
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Everybody knows the '87 crash was the most god-awful moment in modern stock-market history. But what few remember, other than those who shared the trenches of Wall Street with me back then, is that in the week preceding the crash, the market took as horrendous a drubbing as it had ever suffered. I think about that week often because, had I not lived through it, I would have stepped, and stepped lively, into the charnel house that Friday, since the drop before Black Monday was the quintessential...
...much of Asia will be catching its breath. How bad is that? At the outside, economists warn that the crimp on good times might lead to a worldwide capital crunch and a massive stock-market slide. But that is seen as a remote prospect...
...initial aim of the funds, which were developed in the 1950s, was to protect against market risk and earn greater return in times of sluggish stock-market performance. The notion had a simple elegance: If rich investors could cash in during booms by betting on winners, couldn't they profit during busts by betting against losers? The first funds were fairly simple, usually holding 50% of their assets in long-term investments that were expected to rise over time, and 50% in short positions in stocks or bonds that were considered overvalued. (In a basic short position a fund sells...
Your article on whether this is the the best U.S. economy ever [BUSINESS, July 28] was interesting, but history has not been kind to the view that the stock-market Crash of October 1929 ended the Roaring Twenties. The National Bureau of Economic Research, the organization that dates the business cycles for the U.S., places the beginning of the downturn in August 1929, some two months before the Crash. And in October 1987 the U.S. experienced a stock-market crash similar in magnitude to 1929's, with no immediate economic downturn. Indeed, the economy's expansion continued until July...
...group--and this is true of nearly all relevant institutions--is that virtually any market decline would be tolerable so long as it was orderly. The ability to take all calls and get all trades done is paramount. It helps avoid panic, which leads to irrational selling and a stock-market death spin. Says William Johnston, president of the N.Y.S.E.: "We see ourselves as a utility. Our job is to supply enough power at peak times to keep every light burning." Hence the Big Board's vast trading capacity, built at a cost of $1 billion since...