Word: stockings
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Dates: during 1980-1989
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...home." But by the time he got there shortly after 3, the damage was already out of control. "I saw quite a bit of panic selling," said Muriel Siebert, who heads a discount brokerage that bears her name. UAL shares fell 5 1/2 points before trading in its stock was halted because the number of sellers overwhelmed buyers. Delta Air Lines, a frequently rumored takeover target, dropped...
Many investors, especially short-term speculators, were badly shaken. The biggest losers were Wall Street arbitragers, who make money by buying the stock of takeover targets and selling it at a higher price when the deals go through. The high anxiety about the junk-bond market sent the stocks of takeover targets plunging across the board. "The arbs got their heads handed to them," said Anson Beard, the chief trader for Morgan Stanley. "Very few anticipated that the UAL buyout could fail." Small investors suffered less because they have been less active in the market since the 1987 crash...
...market drop echoed around the world. In Tokyo, Noriko Hama, a senior staffer at the Mitsubishi Research Institute, warned that "it could be very hard to stop" the Wall Street plunge from sending ripples through foreign stock exchanges. Tokyo's volatile Nikkei index fell 445.02 points last Thursday, its sharpest drop since June. The index rebounded 320.97 points on Friday to close at 35,116.02, down 93.33 for the week...
...confidence. One fervent hope was that high-rolling investors would come roaring back into the market, looking for bargains. But while it was easy to attribute last week's chiller to everything from program trading to superstition about Friday the 13th, there was a deeper message: confidence in the stock market will remain shaky as long as the U.S. economy rests on a mountain of debt that neither politicians in Washington nor business leaders on Wall Street seem willing to confront...
Even some Republicans are expressing concern about the paralysis. | Conservative analyst Kevin Phillips described the problem two weeks ago in the Washington Post as "a frightening inability to define and debate America's emerging problems." Last week's 190-point stock market tumble was the immediate result of economic developments, namely UAL's failure to obtain financing for its leveraged buyout. But Washington's glaring inability to control spending hardly inspires the confidence that markets need...