Dow dips 15.40 as stocks still suffer 'Clinton shock'


Stalled again in its attempted recovery from what Wall Streeters call "Clinton shock," the stock market retreated yesterday. The Dow Jones industrial average gave up 15.40 points, closing at 3,355.41.

WHAT'S AHEAD: "We've been through the maximum 'Clinton panic' on Wall Street." (Frank Cappiello) . . . "There's little chance Congress will pass the President's 'higher-taxes-and-spending-cuts' program. Congress doesn't like to do that." (Maceo Sloan) . . . "It's politically expedient to attack drug firm profits, and two-thirds of the bad news is already reflected in lower drug stock prices. Long-term, I would now buy Merck, Pfizer, Schering Plough, Warner Lambert and Glaxo." (Christina Heuer, voted No. 1 Wall Street drug analyst). Above quotations from Friday's "Wall Street Week with Louis Rukeyser."

IN LIKE A LION: "The long-term market trend is up." (Peter Dag Letter) . . . "Raise some cash; stocks are very generously valued." (S&P; Outlook) . . . "Long-term, the bull market will soon get back on track." (Cabot Market Letter) . . . "Risks from here will be limited in scope." (Deemer Technical Research) . . . "The public will now get out, completely. The stock market game is over for a generation. The bear market will last until Inauguration Day, 1997." (Robert Hoye's Quantum) . . . "The Dow will decline into late March, possibly down to the 3,000 level." (Kirkpatrick & Co.) ... Asked which way stocks would go, famous financier J. P. Morgan once replied, "They will fluctuate."

SAY "CHEESE!" A returning traveler tells me that if a motorist runs a yellow or red traffic light at many London intersections, a hidden camera automatically photographs his or her license plate, triggering a mechanism that automatically sends a bill for $40. No excuses allowed. (And some enterprising person now sells maps warning drivers where the cameras are located.)

NAMING THE BABY: After reading our 16th birthday column last week (Feb. 23), several people asked how this Ticker column was named. When I was a teen-ager during the Depression, working in the smoke-filled "Board Room" at my father's brokerage firm at 211 E. Redwood St., it was my job, after school and on Saturday mornings, to dutifully pull the rapidly-accumulating narrow yellow "ticker tape" from a bell-shaped glass jar, under which a telegraph "ticker" chattered, printing the latest stock quotations long before electronic screens were invented. I then posted the rapidly plunging prices, with chalk, on a huge blackboard. I never forgot my first 1932 "Ticker" job. (Five dollars a week and dad said I was lucky to have it.) In 1977 I named this column after that ancient machine.

BALTIMORE BEAT: Mark McGrath, Dean Witter (547-7000) will send you data on how to invest a minimum of $1,000 ($250 in an IRA account) in a package of the 10 highest-yielding Dow Jones stocks. His mailer also includes performance records . . . The highest money market yields in this area are now at Custom Savings, Washington Savings Bank (Waldorf) and Chevy Chase Savings. The top insured CD yields are at Custom Savings, Eastern Savings Bank, Equitable Federal Savings (Wheaton) and Loyola Federal. (Data from "100 Highest Yields") . . . Washington Gas Light, our neighbor to the south, is included in a "Portfolio for A Steady Dividend Stream" in the latest S&P; Outlook. The stock now yields 5.4 percent.

MARCH WINDS: "Last year was the worst in 20 years for pharmaceutical stocks. Bristol Myers Squibb, for example, dived from $90 a share at the beginning of 1992 to $58." (Bridge Information Systems, Inc.) . . . "Never sell good stocks in a bad market." (My father) . . . "If you had invested $10,000 one year ago, you would now have $11,584 in Treasury bonds, $11,083 in U.S. stocks, $10,270 in money funds and $9,210 in gold." (Business Week) . . . "No matter what President Clinton does, the economy will remain stagnant for some time." (Donald Straszheim, chief economist, Merrill Lynch) . . . "If the Clinton plan flies, it will push mortgage rates even lower heading into the important spring-summer home buying season." (Business Week, March 1) . . . "Over the past three years, the number of entry-level jobs open to graduating seniors has shrunk by close to one-third." (Dartmouth Alumni Magazine, March) . . . "The U.S. has lost two million jobs in this recession." (CNN News) . . . "Limit your stock losses; let your winners ride." (The Rational Investor) . . . "If fortune turns against you, even jelly breaks your tooth." (Persian proverb) . . . "You may delay, but time will not." (Benjamin Franklin)

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