1974: The day after Pres. Gerald R. Ford pardons Richard Nixon for the Watergate scandal, Wall Street tanks. Not many people care about stocks anymore, but those who do are more eager to sell than buy: On thin volume of 11.2 million shares, the Dow Jones Industrial Average plunges 2.2%, to 662.94, on fears that the pardon will not put full closure to the scandal. The pardon, claims one broker, "weakens confidence in [Pres. Ford's] Administration and in his ability to deal with Congress on economic problems." The Dow, however, proceeds to soar by 24.9% over the next year.

The New York Times, September 9, 1974, p. 1, and September 10, 1974, p. 53;Phyllis S. Pierce, ed., The Dow Jones Averages 1885-1980 (DowJones Irwin, Homewood, IL, 1982), not paginated