Word: stockely
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Dates: during 1970-1979
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...cording to an old adage on Wall Street, the stock market can deal with good news and bad, but it cannot tackle uncertainty. Last week the market was coping with little but uncertainty, most of it emanating from the Oval Office...
...stock market reacted to all these uncertainties in predictable fashion: it sank. The Dow Jones industrial average, the market's most widely watched barometer, plunged dizzily to 800.85, its lowest level in two years. The drop is particularly unsettling because investors regard the 800 level as a psychological barrier; once it is breached, they fear an even steeper fall. By week's end the market had recovered slightly, to a closing Dow average of 809.94. Nonetheless, since New Year's Eve the Dow has plummeted 194.71 points, an astonishing slide. Clearly the nosediving stock market is trying...
More fundamentally, the stock market is mirroring the business and financial community's deepening lack of confidence in Jimmy Carter's management of the economy. Says Du Pont Chairman Irving Shapiro: "I still think he is a man of great ability. But he let himself get diverted by political slogans rather than sticking to his knitting." Adds James M. Howell, chief economist for the First National Bank of Boston: "Businessmen thrive on certainty. The President has bitten off half a dozen big projects, and all of them generate a tremendous amount of uncertainty...
Harvard sold its Firestone stock six months ago for financial reasons," George W. Siguler, assistant treasurer, said yesterday
...Firestones responses was very general and incomplete, focusing on the aconomic rather than the social issues involved," Murphy said. The investment committee unanimously decided the response was inadequate and decided to divest itself of the stock, he added...