Word: upturn
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Dates: during 1970-1979
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...that traditionally foreshadow an economic recovery, few have been more doggedly consistent this year than the stock market. For nearly six months, prices on Wall Street have climbed steadily higher, higher, higher as investors have shifted more and more cash into the market in anticipation of a brisk business upturn later in the year. Last week this confidence helped propel the Dow Jones industrial average up another 17.68 points, to a new 1975 high of 873.12. While that is still well below the Dow's alltime peak of 1051.7 in 1973, it nonetheless represents a hefty 50% rise since...
...number of housing starts rose 14% from April, to an annual rate of 1,126,000. That was the first significant upturn after a shocking plunge. From an annual rate of about 2.4 million in 1972, housing starts had nose-dived to a yearly pace of only 880,000 by last December; in the first four months of 1975, starts stayed flat at a bit below 1 million. Carla Hills, Secretary of Housing and Urban Development, said that the May figures "seem to indicate that a recovery is under...
Checkered Upturn. Building experts quickly added: Not much of a recovery. The May rate, though the highest in eight months, was the lowest for any May in 28 years. In addition, the pattern of the upturn is highly checkered. Single-family home construction is picking up on the Pacific Coast and throughout the Midwest, but in the Midwest, at least, the market for apartment buildings remains slack. In the South the recovery has not been felt...
Still, some upturn is better than no upturn: housing is at least ceasing to be a drag on the national economy. The budding upturn will probably reinforce President Ford's determination to veto this week an "emergency" housing bill passed by Congress two weeks ago. The bill was designed to encourage the building of 400,000 new houses mainly by providing mortgage subsidies to middle-income home buyers. But it probably would have no effect until well after the slump was ended...
...economic indicators" headlined two weeks ago in The New York Times supposedly snow that the upturn is imminent, but for Harvard's portfolio, the swing back to pre-depression value appears to be well under...