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Stock Market / Downward Spiral / Johnson Interview / Hong Kong #411970

CNN Evening News for Monday, Oct 27, 1997
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(Studio: Bernard Shaw) Report introduced.

(New York: Allan Dodds Frank) The downward spiral on the stock market triggered by bad news from the Hong Kong stock market featured; scenes shown from the exchange floor. [Balestra Capital president James MELCHER - says the market is too high.] [Salomon Brothers head of emerging markets Desmond LACHMAN - comments.] The trading stoppage noted. [Paine Webber market strategist Mary FARRELL - says the market should not have been closed to trading.]

(Studio: Judy Woodruff) Interview held with New York Stock Exchange president William Johnson. [JOHNSON - reacts to speech from Treasury Secretary Robert Rubin; explains why the market correction happened today; suggests what investors should do about their portfolios.]

(Studio: Hilary Bowker; Hong Kong: Mike Chinoy) The likelihood that there will be another wild day on the Hong Kong market and the importance of "the peg" for currency discussed.

(Studio: Bernard Shaw) Report introduced.

(White House: John King) The reaction of President Clinton's administration to the market slide examined. [Treasury Secretary Robert RUBIN - outlines what happened in the market; states that the economy is fundamentally strong.] The president's announcement of low budget deficit figures mentioned and the reasons why Clinton himself did not speak about the market discussed.

Bowker, Hilary;
Chinoy, Mike;
Frank, Allan Dodds;
King, John;
Shaw, Bernard;
Woodruff, Judy

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