Word: streets
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Dates: during 1980-1989
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...this year's rally has rested on some shaky foundations. Chief among them is the relentless pace of corporate takeovers, which enriched everyone on Wall Street, from stockholders to investment bankers. But the buyouts have been fueled by financing from a junk-bond market that was severely weakened last month when Canadian developer Robert Campeau nearly defaulted on $1.27 billion of debt payments on loans that he had used to acquire Allied Stores and Federated Department Stores. In the wake of Campeau's problems, the money for new takeovers has begun...
...September, or about 10% on an annual basis, to break a three-month string of declining wholesale prices. Earlier in the week, Federal Reserve Chairman Alan Greenspan suggested that the Fed remains wary of inflation and therefore would be averse to easing interest rates. That was not what Wall Street wanted to hear...
Nowhere was the shock greater than on Wall Street, where some traders had left work early Friday to enjoy a balmy Indian summer day. "I was on the floor until 2:30," said specialist Stone. "The trading was so quiet that I decided to go 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...
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...