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Stock Market Slide / Federal Reserve Discount Rate Incr. #46282

ABC Evening News for Tuesday, Oct 25, 1977
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(Studio) Wall Street is on slide.
REPORTER: Harry Reasoner

(NYC) Prices on New York Stk. Exchange have fallen steadily this year; drop i: av. in Dow-Jones inds. noted. [MKt. analyst Raymond De VOE - doesn't think slide is indication of recession, but is rational reaction to prospects for continued inflation and higher taxes, plus lower confidence in future course of country Says that in last 12 years, average industry has just about broken even; cites details.] Investors are afraid of inflation, but outlook for inflation not getting better.
REPORTER: Dan Cordtz

(Studio) Federal Reserve raises discount rate to 6%; White House had warned last wk. that such action could increase inflation.
REPORTER: Barbara Walters

Cordtz, Dan;
Reasoner, Harry;
Walters, Barbara

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