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  • This day in financial history


    THIS DAY IN FINANCIAL HISTORY

    Learn what happened in business in today’s past



    October 07:


    1998: James J. Cramer, author of the eponymous column Wrong!" for TheStreet.com declares that a bear market has arrived: "This market stinks to high heaven�. the NASDAQ is deeply wounded. Nothing lifts it. All moves up seem phony. It has a feeling of ugliness led by Cisco that says 'You can't hide here.' Exactly one day later NASDAQ bottoms out. Over the next year the index gains 48.9%."

    James J. Cramer, "Be Careful Out There. TheStreet.com, October 7, 1998; http://www.thestreet.com/comment/wrong/20739.html; http://www.wallstreetcity.com (ticker symbol: NASD).

    1896: The Dow Jones Industrial Average begins continuous daily publication. Its 12 members are the great industrial giants of the time: American Cotton Oil, American Sugar, American Tobacco, Chicago Gas, American Spirits Manufacturing, General Electric, Laclede Gas, National Lead, U.S. Cordage, Tennessee Coal & Iron, U.S. Leather, and U.S. Rubber. See if you can remember any of those names the next time someone tries telling you that the growth companies of today will endure forever.

    Phyllis S. Pierce, ed., The Dow Jones Averages 1885-1980 (DowJones Irwin, Homewood, IL, 1982), introduction, not paginated; http://www.djindexes.com

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