DISCIPLES OF CLAUDE
AI × MARKETS · MEETING BRIEFING
NO MEETING
The group sat this one out. Recess, not retreat.
The Dutch East India Company, chartered in 1602, is generally credited as the first company to issue tradable shares to the public — the birth of the modern stock exchange.
No meeting was held this week.
THIS WEEK IN MARKET HISTORY
AUGUST 17, 1982
A single rate forecast set off the largest point gain the Dow had ever seen
On the morning of August 17, 1982, Salomon Brothers economist Henry Kaufman, long known as Dr. Doom, said the decline in interest rates would continue, with long-bond yields possibly falling from 12.5% to 9-10%. The Dow jumped 38.81 points to 831.24, then its largest one-day point gain, on 92.86 million shares as 1,500 NYSE issues rose and 155 fell. The next day volume passed 100 million shares for the first time. From its low of 776.92 on August 12, the Dow finished 1982 at 1,046.54.
Bull markets tend to start not on good news but on a credible turn in the expected price of money, and the rush back in comes all at once.
— C. LEBRUN