Word: stockings
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Dates: during 1980-1989
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...suspense in the world's stock and currency exchanges last week was almost palpable. Share prices gyrated, and the value of the dollar fluctuated fitfully, but none of the financial markets moved with any conviction. Traders seemed practically paralyzed by the knowledge that on Friday the Commerce Department would release the U.S. trade statistics for November. There was good reason for their concern. Three months earlier a worse than expected trade-deficit figure helped send the stock market into a slide that culminated in the great crash of Oct. 19. And in mid-December the announcement of a sharp jump...
...charge of cheery news had a predictably explosive impact on currency exchanges and financial markets. The dollar jumped to nearly 131 Japanese yen, up sharply from about 126 yen the day before. The greenback also fetched 1.68 West German marks, vs. 1.63 the previous day. At the New York Stock Exchange, everyone who had been planning to buy stocks if the trade figure was good seemed determined to get in at the opening bell. The Dow Jones industrial average skyrocketed, beginning trade 55 points above Thursday's close of 1916. But the surge ended almost as soon...
...relatively modest proportions of Friday's stock rally may have reflected the realization that while the November trade figure was a welcome $ improvement, it hardly signaled an end to America's stubborn deficit dilemma. Standing at $159 billion through the first eleven months of the year, the 1987 deficit has already surpassed the record $156.2 billion imbalance of 1986. As recently as 1981, the U.S. trade gap was only $34.6 billion...
Melamed contends, with much justification, that crash investigators should look not at the trading pits of the Merc but at the specialist posts on the floor of the Big Board. The specialists are supposed to moderate price swings by "making a market" in particular stocks -- buying, if necessary, when no one else wants to. But on Black Monday the system virtually collapsed. Many of the 450 specialists were unable or unwilling to spend enough money to keep their stocks from going into free fall. Several specialist firms exhausted their capital and went out of business or were absorbed by bigger...
...also pondering what action to take. Next month the Senate Banking Committee and the House Telecommunications Subcommittee will conduct hearings on the crash. For one thing, the committees may look into charges that trading in futures contracts based on the Major Market Index, a basket of 20 blue-chip stocks, was manipulated by several major investors on Oct. 20 to trigger an artificial rally in the stock market. The Commodity Futures Trading Commission investigated the accusation and found no evidence of wrongdoing, but the issue will not go away. Says one Senate Banking Committee staffer: "We want...