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Article: Stock Market Starts New Year With a Roller-Coaster Ride
- Article from:
- The Washington Post
- Article date:
- January 3, 1997
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The stock market's first trading day of the New Year wasn't for
the faint of heart.
The rocky start was caused by traders who thought they
detected a whiff of inflation in the air. The Dow Jones industrial
average went into a dive early in the day, falling 95 points, or 1.5
percent, then bobbed back up and fell again.
Then, in the last half hour, the Dow recovered more than 80
points when computers that are programmed to take advantage of dips
in the price of stocks began placing orders to buy.
After all the drama, the Dow closed down only 5.78 points at
6442.49, but declining issues outnumbered advancing stocks on the
New York Stock Exchange by a 12 to 5 margin.
Other indexes also ...