Word: stockings
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Dates: during 1980-1989
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...crash. The market has reacted with near hysteria to the possibility of takeovers, first in the communications industry in response to the Time-Warner deal and now in the airline business in the wake of bids for the companies that own Northwest and United Airlines. The takeover-stock mania has coincided with the return of program trading, a system in which brokerage houses use computers to buy and sell giant blocks of stock to reap quick profits from disparities in price between the equities and futures markets. Restrictions on program trading were imposed after the crash to limit the market...
Some Wall Streeters are experiencing acrophobia. Others talk of vertigo. Whatever the buzz word, the feeling is the same: stock speculators have suddenly become woozy about the market's new heights. After a 230-point rise in 1988, the Dow Jones industrial average has zoomed more than 500 points this year, 200 just since the beginning of July. "I've been on this trading floor for 39 years, and I've never seen a market go up so fast for so long without a major break," said Donald Stone, a specialist in consumer stocks on the New York Stock Exchange...
...that the Dow has made a nearly 1,000-point recovery in just under two years, Wall Streeters are asking, Can it happen again? Is this boom any different from the last one? "Stock prices have been climbing a wall of worry," says Robert Farrell, the chief market analyst at Merrill Lynch, who sees "a significant correction on the horizon...
...most of the stock buying has been done by corporations through stock-repurchase programs, mergers, leveraged buyouts or employee-stock- ownership plans. All told, such buybacks have reduced the supply of shares on the market by a record $94 billion during the first half of the year, or nearly 4% of all outstanding stock. The buyout of RJR Nabisco alone took $25 billion worth of stock off the market, while the acquisition of Warner Communications by Time Inc. will reduce supply by another $14 billion...
...shrinkage of available stock has helped increase the value of all shares, since equities are becoming a little bit like land, which Will Rogers once said was his favorite investment "because they ain't making it anymore." But at current stock prices, a whiff of recession or a flare-up of inflation and interest rates could make stocks about as popular as beachfront property in hurricane season...