Word: dowing
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Wall Street. Victory had been discounted for several weeks by the stock market, where a raging bull can help trigger a speedy recovery. The Dow Jones industrial average closed this week at 2909.1, up 6.3% in the past four weeks and up 544 points, or 23%, since its October low. Daily trading volume since January has averaged 195 million shares, 19% higher than a year ago. If this keeps up, the securities industry will post its most profitable quarter in nearly a year. Assets of mutual funds -- including risky small-company and junk-bond funds -- grew a record $59 billion...
...Dow Jones average of 30 industrials dropped 6.93 to 2882.18, finishing February with a net gain of 145.79 points, or 5.33 percent...
America's most watched business-news channel nearly had to report its own demise. Owing $142 million and losing money, Financial News Network Inc. was headed for oblivion until, last week, it finally accomplished what it had been trying for five months: it sold important assets and raised cash. Dow Jones and Westinghouse Broadcasting jointly bought the flagship FNN cable news channel plus the company's weekend sports service, its syndicated program This Morning's Business and a radio news service for about $90 million...
Westinghouse Broadcasting will manage the properties while Dow Jones will have editorial control, which should lead to improvements in both areas. The Discovery Channel, another cable-TV venture, agreed to buy FNN Inc.'s interest in the Learning Channel for $12.75 million. FNN also plans to sell its 49% interest in Shark Information Services. Trouble is, that's all the assets. Acknowledging that it is still deeply in the hole, the company said it will soon file for bankruptcy protection...
Before the Persian Gulf war began, the stock market was in deep hibernation. But after hostilities got started, and with allied victory all but certain, investors staged fireworks of their own. Last week the Standard & Poor's 500 index hit a seven-month high of 369. The Dow exploded, rising 104 points to finish the week at 2,934.65 after a 100-point gain the previous week. The market has soared nearly 17% since the war began Jan. 16, more than regaining all the territory it lost in the months after Iraq invaded Kuwait...