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...York Stock Exchange in the five days ending Aug. 20, an even more spectacular 550 million shares changed hands last week. Before the current rally, the stock exchange had never had a 100 million-share day. Last week trading volume topped that magic mark four consecutive times. The peak of 138 million shares on Thursday shattered the one-day record of 132.7 million that had been set only eight days earlier. Average daily volume before the current spree had been only 52.3 million shares. Says Donald Iseman, a partner in the Neuberger & Berman investment firm and a stock trader...
Later on Thursday, one of Wall Street's most stubborn bears, Analyst Robert Farrell of Merrill Lynch, suddenly sided with the bulls. He predicted that the rally would last for seven to eight weeks and perhaps take the Dow to 950. Previously, he had forecast a peak in the index of no more than 870 this fall...
...eleven separate electronic systems to relay orders to trading posts, record sales and provide swift and complete information to brokers on how the market is moving. That costly investment paid some blue-chip dividends last week. The record-breaking torrent of trading was handled with ease. Even at the peak of the action on the 138 million-share day, the electronic tapes that list every single trade were a mere 18 minutes behind. It was all a bully good show. ? By Charles Alexander. Reported by Sue Raffety and Frederick Ungeheuer/New York
...there is a worldwide glut of the precious gems. The vaults of diamond wholesalers are overflowing with rough as well as cut and polished stones, and the market for investment-grade diamonds has virtually collapsed. A rare one-carat D-flawless-grade stone that brought $62,000 at the peak of the market in 1980 is now worth only $15,000 or less, a decline of more than 75%. De Beers' sales arm, the Central Selling Organization, saw profits tumble 46% in 1981, and Oppenheimer says that an upturn is not yet in sight...
...inflation started to level off and interest rates shot up. That made investments like money-market funds more valuable, and diamonds, gold and other hard assets less attractive. Despite its sharp price increase last week, gold is selling for only about $380 per oz., well below its January 1980 peak of $850. A portfolio of U.S. coins is now worth 15% less than it was a year...