Word: stockmarket
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Dates: during 1930-1939
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...this same week business' most sensitive barometer-the stockmarket as mirrored in the Dow-Jones industrial averages-enthusiastic over prospects for the second half of 1939, dashed off a sensational 6.1-point rise, reached its highest point since March (144.7 against 152.3 then). For the first week in six months the New York Stock Exchange had four 1,000,000 share days. All listed shares rose some two billions...
...several months much speculative cash has lain idle waiting till its owners got over speculating on economic trends. Three weeks ago some of the speculators made up their minds and the stockmarket moved tentatively upward without encouragement from industrial production. Last week the market slowly worked its way up past a minor "resistance point"-140 on. the Dow Jones industrial averages (1938 high 158.41; low 98.95)-waited for the sluggish railroad averages to "confirm" by rising from...
Through April, May and early June last year - while 1938's recession was bottoming-the stockmarket was indigo blue. At 10 a. m. on June 20, something happened. The market turned in its tracks and began to climb. Blue turned to rose color. For two weeks stocks climbed spectacularly. So far as the market was concerned the corner had been turned. Last week something resembling the June turn of a year ago, but on a much smaller scale, took place in the market. Brokers talked jubilantly of another corner being turned...
...stockmarket did not heed the men who know most about the steel industry. In Manhattan the American Iron & Steel Institute held its annual meeting and tough Tom Girdler, head of Republic Steel -dressed up for the evening in a white tie and tails, as he handed over the presidency of the Institute to his successor, shrewd E. T. Weir, head of National Steel -said bitterly...
Significance. The most notable feature of last week's stockmarket upturn was that so far as it rested on solid ground it was based on expectation of Government action. Imminent repeal of taxes on capital gains and undistributed profits entitle stocks to enjoy a modest two or three day rally. But for the first time in nearly a year the market ceased to be a slavish follower of production. Time was when the market presumed to anticipate changing trends in production three to six months in advance. In June 1938 the market anticipated production by only a few weeks...