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Stock Market #553270

NBC Evening News for Thursday, Oct 22, 1987
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(Studio: Tom Brokaw) Report introduced.

(NYC: Mike Jensen) Circus atmosphere of New York Stk. Exchange noted. Ups and downs of market discussed. Stk. Mkt. Report Reports of increase tensions in Persian Gulf and supposed prediction by analyst Robert Prechter that market would plunge again noted. [PRECHTER - says he never said that the market would plunge but that alone indicates that the psychology of the people is very fragile right now and that is serious.] Major banks' cutting prime lending rate said to have caused stks. to rise again. Down slide reported when E.F. Hutton Group, Incorporated, said to have advised customers to cut stock holdings by 10%. [E.F. Hutton Jeff APPLEGATE - says the market is very volatile and people need to be more defensive.] Mkt. said to have rallied a little when White House released statement asserting President Reagan's willingness to work out budget problems with Congress Stk. market's closing early for next 3 sessions noted. Int. rates falling and slowing of economy said already beginning.

Brokaw, Tom;
Jensen, Mike

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