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Quote of the Day
“It is of little use for us to pay lip-loyalty to the mighty men of the past unless we sincerely endeavor to apply to the problems of the present precisely the qualities which in other crises enabled the men of that day to meet those crises.”
-President Theodore “Teddy” Roosevelt
May 29th – This Day in Stock Market History
May 29th, 1946 – The Dow Jones Industrial Average hits a post World War 2 high of 212.50. As investors worried about the sharp decline in government spending after the war, many feared another recession would be imminent.
The Dow Jones Industrial average would not make a new all-time high for another 4 years.
May 29th, 1962 – One day after the market falling 5.7% on the worst day since the great depression, stocks rally sharply higher, closing the day up 4.7%.
This time period in 1962 represents the height of the early sixties pessimism regarding the space race and the economy. Many investors believed that the Soviets were beating the U.S. in the space race and. In addition, President Kennedy’s conflicts with the steel industry in particular caused many to view him as “anti-business”.
Stocks would fall another 10 percent over the next 3 weeks in a period that would become known as the Kennedy Slide, where stocks would decline 25% in total.
However the drop would not last long, stocks would rally 70 percent over the next 3 years.
Best May 29th in Dow Jones Industrial Average History
1962 – Up 4.7%, 27.03 points.
Worst May 29th in Dow Jones Industrial Average History
1931 – Down 2.54%, 3.35 points.
Read of the Day
From the JFK Library: “John F. Kennedy on the Economy and Taxes”
By 1962, Kennedy’s domestic political fortunes seemed bleak. Unemployment remained high and the stock market had failed to recover after losing a quarter of its value. JFK also ignored the advice of key aides and endorsed efforts to enact medical care for workers over 65 under Social Security and risked his personal prestige by addressing a nationally televised “Medicare” rally in New York.
<– Go To Previous Day: May 28th, 2009 – Time Warner spins off AOL, putting an end to one of the worst business deals in history.
Go To Next Day: May 30th, 1967 – Groundbreaking at Disney’s ‘Walt Disney World’ –>