Strange that no official financial eyebrows are being raised (publicly, at least) with the lengthy “yo-yo” stock market, generally up one day, down the next, observed Grumpy Editor, as the Dow Jones Industrial Average has been bouncing like a ping-pong ball above and below 18000 points since February.
Soft economic data was blamed for Thursday’s D J drop of 195.01 points to 17840.52.
But on Friday, without any earth-shaking news, the market recouped most of the previous day’s drop, gaining 183.54 points to again cross the 18000 line to 18024.06.
"The last four months have been quite a roller coaster,” Richard Yoken, founder of the Portfolio Strategy Group, White Plains, N.Y., informed The Wall Street Journal, adding when clients ask about a 150-point fall in the market, he tells them “not to worry since the Dow would probably be back up 150 points the next day.”
Update on last Monday's 'sinking' Santa Catalina
Mention here last Monday about a Los Angeles Times story, based on word from a Stanford graduate student researcher that Santa Catalina island, a tourist destination off the Southern California Coast, is sinking --- an average of one millimeter every five years --- turns out to be nothing new.
Grumpy Editor uncovered an earlier warning about Santa Catalina island “sinking” in a story that appeared in Popular Science News --- more than a century ago.
Under the headline, “Catalina Island Slowly Sinking,” in the November, 1902 issue, J. Mayne Baltimore wrote that University of California professor William E. Ritter “made a most scientific discovery in regard to Santa Catalina island.”
Baltimore added, “In his opinion, and also in the opinion of other scientists of the university, that island is slowly sinking into the Pacific Ocean. The rate is not rapid, but it is considered certain that unless some great geological change takes place, Santa Catalina island will eventually disappear from the face of the sea.”
(NOTE: Mount Orizaba remains Santa Catalina’s highest point, holding at a steady 2,097 feet above sea level.)
FYI, IN CASE YOUR FAVORITE EDITORS MISSED THESE…
No global warming effect. Abundance of snow has extended New England’s snow resorts season into May…While some in Washington are deeply focused on climate change/global warming among other distractions, China is building a stronger navy. Bloomberg Businessweek revealed the Chinese navy is shifting from small, short-range submarines used in Cold War days, now has at least 70 subs and “over the next decade it’s looking to add as many as 20 boats capable of traveling long distances submerged in deep water for days at a stretch”…Sports writers missed an angle with last Wednesday’s empty house (first of its kind in the major leagues) in tense Baltimore for the Orioles-White Sox game. All the action was wrapped up in a swift two hours and three minutes, well below the usual three hours-plus. Incidentally, while attendance was in the books at zero, a Getty Images photo showed two people sitting in the sixth row behind home plate…More PR work ahead for Bank of America. A J.D. Power survey ranked the nation’s second biggest lender worst among its peers in retail customer satisfaction in states where it has the most branches…A Harvard University Institute of Politics poll of more than 3,000 18-to-29 year olds found only 2 percent said they trusted the media to do the right thing "all of the time”…Allied with this was a survey reported in AdvertisingAge that only 4 percent of Americans think the marketing industry behaves with integrity while nearly half of consumers surveyed say they don't trust any news source…The New York Times Co. posted a $14 million net loss for the first quarter. A key factor was a drop in print advertising…Latest guideline issued to Wall Street Journal copy editors: Avoid using “Hillary” alone in a headline. It added that Clinton is fine for most headlines with a reminder that she is Mrs. Clinton, by her preference, not Ms. Clinton…"State of the News Media,” Pew Research Center's Journalism Project, found cable news prime-time viewership in 2014 dropped by 8 percent and newspaper circulation fell by 3 percent.
This just in:
A top-of-the-page headline in a major daily in the West: Imported furniture can be found in local shops.
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