Word: stockely
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Dates: during 1970-1979
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...cheering, considering the fog of worry about the economy that has enveloped the nation in recent months. For all its progress in production, jobs, personal income (up around 11 %) and corporate profits (about 12% ahead of last year, after taxes), 1977 brought the economy a set of nagging headaches. Stock prices tumbled through the year; the Dow Jones industrial average is now about 19% below what it was at the close...
Okun has a different fear. Since the Federal Reserve has been unable to contain the growth of money supply by the usual method of moving funds in and out of the banking system, it is trying to hold down the money stock by pushing up borrowing costs. Since the start of 1977, the prime rate on bank loans to business has risen from 6¼% to 7¾% in November. Okun's fear is that the board will lift interest rates high enough to discourage borrowing and cause a recession in 1979. Says he: "The Federal Reserve...
...hate comes from a sense of injury as brokers contrast the current blah market with stocks in the Soaring Sixties. Then issues selling at 50, 60 and even 100 times earnings were not uncommon. Now many are going for ultralow prices of six, seven or eight times earnings. Bernstein, writing in November's Institutional Investor, a trade magazine, goes on to say that the experience of investors during the past decade "has probably been the worst in this century -and perhaps the worst in stock market history." Worse than the 1930s? Yes, says Bernstein, when inflation is cranked...
Listless and almost lifeless at times, the stock market in 1977 suffered through one of its worst years. Last New Year's Eve, the Dow Jones average of 30 industrial stocks closed at 1004, its year-end record. By the final bell last week, the widely watched indicator had dropped 19%, to 815. The mood on Wall Street, among the brokers and traders whose heartbeat is the daily ticker, has turned from despair to anger. Says Peter L. Bernstein, an economist-consultant to large institutional investors: "We hate stocks, we hate ourselves and our customers hate...
...this is happening against a backdrop of a generally healthy U.S. economy and a continuing rise in corporate profits and dividends. So depressed is Wall Street's mood that news reports-of, say, a sharp rise in a company's profits-that would have pushed a stock up sharply a few years ago now cause only a brief flurry of a point or two. On the other hand, bad news is no news at all. Hardly anyone paid attention in October when the Dow Jones transportation average sank to a point that indicated to followers of the venerable...