• Thought of the Day

    Thought of the Day

    2000: The sense of danger must not disappear:$ The way is certainly both short and steep,$ However gradual it looks from here;$ Look if you like, but you will have to leap.

    –W.H. Auden (1907-1973), Leap Before You Look (1940)

Today in Financial History

1993: The Wall Street Journal publishes a survey of ten market pundits, asking them when the bull market, now 1,127 days old, will end. Nearly every one predicts a 10% decline by mid-1994, and famed market forecaster Joe Granville declares that the Dow will drop to about 2,900 by the spring of 1994. (By March, 1994, the Dow is at 3,800.)

The Wall Street Journal, November 11, 1993, p. C1

1929: For much of the abbreviated three-hour trading day, investors breathe a sigh of relief, as the market's recent panic seems to lift. Up till the last hour, volume is light and stocks hold steady. Then a tidal wave of selling crashes onto the floor of the New York Stock Exchange, driving U.S. Steel down 6.5%. General Electric and New York Central Railroad hit new lows for the year, and the Dow Jones Industrial Average finishes with one of its worst days ever, losing 6.8%.

Barrie A. Wigmore, The Crash and Its Aftermath: A History of Securities Markets in the United States, 1929-1933 (Greenwood Press, Westport, CT and London, 1985), p. 24;1982)