Word: dowing
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...fourth quarter of last year. Corporations ranging from Sears to the papermaker Pentair, Inc. had + record profits last year. Low interest rates have made bank accounts less attractive, and real estate is no longer for those looking to get rich quick. Even after last week's turbulent retreat, the Dow Jones industrial average closed at 3636, 53.7% higher than in October...
...those gamblers nervously tracking the Dow last week: Don't fret too much; this could be a natural correction. The more unsettling news is happening off the casino floor. For it is there, in the back room, that the big boys have been playing an even faster and bolder game, the outcome of which can affect the little guy's winnings. Much of the smart money is really riding on computer-generated, hypersophisticated financial instruments that use the public's massive bet on securities to create a parallel universe of side bets and speculative mutations so vast that the underlying...
Such a scenario is what prompted the New York Stock Exchange in 1988 to add circuit breakers that temporarily halt automated transactions when the Dow Jones average rises or falls more than 50 points in a day. But even if the mechanisms work temporarily, some experts caution that all the computerized derivatives and other vehicles that Wall Street has developed since the Crash of '87 could keep shell-shocked buyers from returning to the market, out of fear of a new wave of selling. "A circuit breaker shuts off the overload," says Bruce Greenwald, a finance professor at the Columbia...
Wall Street's heart-stopping tumble (the Dow is down more than 340 points from its Jan. 31 peak) came to a shuddering stop on the eve of Good Friday. President Clinton expressed confidence in the nation's economy and urged investors not to "overreact...
CREDIT: [TMFONT 1 d #666666 d {Sources: Datastream, the Conference board, Blue Chip Economic Indicators}]CAPTION: Dow Jones industrials weekly closings