Word: stock-market
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...Fidelity Investments, manager of $75 billion worth of stock-market mutual funds, investors redeeming shares or switching to other funds swamp the firm. The company invokes a rarely used rule that allows seven days for such orders to be transacted...
...Stock-market investors were the first to feel the pain. Records fell to the stock-market floor last week like so much scrap paper. On Friday the Dow Jones industrial average plummeted more than 100 points for the first time in history, dropping 108.36. In just one day, the value of 5,000 common U.S. stocks slid $145 billion, or 4.9%. "We're all stunned. Everything happened so fast," declared Byron Wien, portfolio strategist for the Morgan Stanley investment firm. Wall Street's computer-trading mechanisms, which brought so much efficiency to a rising market, were working just as efficiently...
...when real-life economic problems like the trade deficit are getting worse. Says Investment Banker Felix Rohatyn: "If the reality doesn't get better but the myth becomes more and more insane, then the correction is going to be more and more violent." While no direct tie exists between stock-market crashes and depressions, a shattering of Wall Street's confidence would deliver a sharp psychological blow to the rest of the population. Adds Rohatyn: "People will only wake up when one morning they see the stock market unwinding by 150 points in the first two hours. Then people will...
...another way, too, the current bull market is unlike any in the memory of the most seasoned stock traders: there has never been one that has whirled up so fast for so long with so little interruption. Nothing so far has been able to stop the bull. Not worries about gargantuan budget and trade deficits. Not a sharp drop in the value of the U.S. dollar between 1985 and mid-1987. Not even the stock-market equivalent of the law of gravity, specifying that the most rapid advances ought to be broken now and then by a substantial downward correction...
Another prop under the surging market is the widespread expectation that the economy is likely to enjoy some further, though modest, expansion. The - business advance that began in late 1982, shortly after the birth of the bull market, is reaching late middle age by historic standards. Since World War II there has been only one, during the 1960s, that lasted longer. Nonetheless, the consensus among Government, business and stock-market economists is a prediction of slowly growing production, rising corporate profits, a fairly small increase in inflation and relatively stable interest rates at least through most of 1988. One somewhat...