Word: walls
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...record 81.6 million shares were sold off on the Big Board in such a headlong rush that the ticker tape reporting transactions and prices fell as much as 63 minutes behind the pace of trading. "This thing is feeding on itself," fretted William LeFevre, vice president at one Wall Street brokerage house. "Each decline triggers another batch of people who have to sell...
...floor of the New York Stock Exchange, where prices had generally been climbing through the year, brokers were swept up in a selling wave that caused pandemonium on Wall Street and twinges of fear throughout the country. In just five days, the market dive left investors with some $55 billion in paper losses and sent the Dow Jones industrial average plunging a total of 58.62 points to a week's close of 838.99. In terms of points, that was the Dow's second steepest one-week decline ever; during the week of Oct. 16, 1978, when prices were hammered...
...Wall Street, however, about all that nervous traders could make of the Fed's complex announcement was that interest rates would be rising. That is especially bad news for investors who hold shares of stock bought on margin with money borrowed from brokers at floating rates of interest. Wary of just how high those rates might climb, margin holders along with smaller investors began selling in earnest on Monday, pushing the Dow down 13.57 points...
There was a message in the weeklong madness in the markets. Says Democratic Economist Walter Heller: "I think Wall Street was saying, Sure, we think you ought to fight inflation, you ought to strengthen the dollar, you ought to tighten money, but holy smokes, not necessarily to the extent of knocking the props out from under profits." Still, the chaos in the markets deflected attention from the more fundamental significance of the Federal Reserve's moves, particularly its shift toward management of the money supply through direct controls instead of manipulation of interest rates. Conservative Economist Alan Greenspan describes this...
...week's end Volcker had the measures that he wanted and called a mid-morning meeting of the board's governors in the Fed's second-floor boardroom. There, against a backdrop of silk wall coverings and an enormous blue-and-gold map of the U.S., the governors mulled over their chairman's proposals for one hour, then two, then through lunch and on into the afternoon...