Word: stockmarket
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Dates: during 1930-1939
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...stockmarket fell last week three days before Barcelona. Stock prices had been weak since the first of the year and when last week's break came they were already back at what Dow theorists call "resistance levels" (146 for Dow-Jones industrial averages, 28.8 for railroads) set by the previous reaction in November and December. Both industrial and railroad averages plummeted through these levels on heavy trading volume...
...have wanted to print bank notes against such newly created wealth as public buildings, roads. They have professed to be less interested in how much gold a ten-mark note represents than how much bread it will buy. As if in expectation of inflation, values on the German stockmarket rose in terms of marks, while German bonds elsewhere sank lower...
Most important business event of last week was the opening of Congress and the jack-in-the-box stockmarket which it produced. Up on Franklin Roosevelt's mild opening message, stocks flopped on the next day's offering of his 1939 budget figures, with their near-record deficit...
...That the stockmarket should react unfavorably to indications of continued pump-priming was proof of business' confusion. Heretofore, such pump-priming talk has boomed the market, and even Wall Street admits that sharp curtailing of government largess would toboggan stock prices. Last week's pessimism apparently stemmed from the realization that new deficits may mean new taxes. But this was one matter on which Congress gave signs of having its back...
Last week most U. S. businessmen prepared to write off 1938, if not with pleasant memories at least with grim thankfulness. Steel production, at 52% of capacity, was double that of a year ago. The stockmarket, though dawdling, was doing so on a plateau 25% above 1937's year-end levels. Virtually every index of production or distribution-building, power, car loadings -had enjoyed an upward surge...