NEW YORK Reuter: The four year old bull market in stocks is getting tired but most Wall Street analysts are convinced the sharp decline of more than 120 points in the last two days has not launched a new bear market.
Although gollmy forecasts of sluggish economic growth combined with renewed inflation and higher interest rates have unnerved some investors most analysts see no reason to bail out of the market.
And they added that the violent swings in prices that have occurred this year were now a regular part of Wall Street.
The Dow Jones Industrial average the most closely watched market indicator dropped yesterday 34.17 points to close the week at 1758.52 a record drop for the week of 141.03 points.
Thursday’s 86point drop marked the fifth record one day fall this year. The Dow average fell 39 points on January 8 42 points on April 30 46 points on June 9 and 62 points in July.
The steep slide that started Thursday morning “is not really telling us much about the economy” said Michael Metz Investment Strategist at Oppenheimer and Co.
Article extracted from this publication >> September 19, 1986
