Reagan's Bears

Continuing a bad tradition

Short-lived rallies aside, the past few years have not been good to most owners of common stocks, and 1981 was no exception. Mauled by high interest rates, uncertainty over Reaganomics and nervousness over recession, stock prices failed to catch fire after climbing to the year's high back in April. With only a few days of trading left this year, the Dow Jones industrial average, the most widely watched market indicator, stands at 873, down 91 points from the 964 closing on the last day of 1980.

That is hardly heartwarming. But neither is it cause for depression or panic...

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