Word: stockings
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Dates: during 1980-1989
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Business may pick up as the holiday draws nearer and memories of Black Monday grow fuzzier. But consumer confidence is getting no boost right now from the stock market. The Dow Jones industrial average took several dizzying downward steps last week, including a 76.93-point drop on Monday that ranked as the eighth largest one-day fall ever. For the week, it tumbled 143.74 points to close at 1766.74. The Dow is now just 28 points above its Oct. 19 nadir, and broader indexes of U.S. stocks are performing even worse. Shares on the American Exchange and over-the-counter...
...lull U.S. homeowners into the belief that they did not need financial savings as well. The roaring bull market of the 1980s has also contributed to that attitude by creating a so-called wealth effect in which stockholders feel rich on paper. The catch is that home values and stock prices can fluctuate, often cruelly, even though their growth seems so dependable during some periods. Says John Godfrey, chief economist for Barnett Banks of Florida: "If the stock-market crash did anything, it showed us that we can't count on that value being there...
...what many voters overlooked, or disbelieved, was that the reforms were supposed to include such innovative measures as the creation of a capitalist- style stock market to promote private investment, and plans to turn over management of state enterprises to trained professionals rather than party apparatchiks. And nearly all Poles agree that economic change, by whatever name, is not only desirable but also desperately needed...
...though debt is a new growth industry in Japan, the average family's ratio of obligations to savings declined last year. Reason: the Japanese are putting more money into Tokyo's surging stock market, which, despite recent setbacks, has raised Japan's mountain of savings to new heights...
Much of the ugliest architecture is in and around the City, London's financial district. Some of the worst examples: the crude, polygonal Stock Exchange tower; the gloomy, 35-acre concrete jungle of Barbican Center, which includes apartments, shops, offices and a cultural center; and the cheap glass series of towers constituting London Wall. In other London districts examples also abound, many built with public funds. One of the least distinguished is the coarsely slablike headquarters of the Department of the Environment, which may help explain its failure to advance the cause of quality architecture...