Fifty years ago this weekend -- Saturday, Dec. 6, 1941 (stock markets were open Saturday mornings until 1954) -- the Dow Jones average closed at 116.60, but the day after Pearl Harbor the DJ dropped 4 points, or 3 1/2 percent, equal to 102 points at today's level. Yesterday the Dow closed at 2,911.67, roughly 2,500 percent above its Pearl Harbor week level.
,3 LOOKING BACK: New York and Baltimore newspapers (3 cents daily, 10 cents Sunday) of the Dec. 7, 1941 Pearl Harbor week show: Men's ties at Bloomingdale's, 69 cents (3 for $2); ladies suit, Saks Fifth Avenue, $39.95; men's Hickey Freeman suits, $60; Davega Philco cabinet radio, $105 (there were no TV sets then); St. Moritz Hotel, New York, rooms from $4 up; beef stew lunch, Longchamps, 85 cents; S&N Katz sunglasses, $1.95; Julius Gutman's men's shirts, 89 cents, Cannon towels, 29 cents, and boys' pajamas, 47 cents.
LOOKING AHEAD: "Politically motivated monetary policy [especially when it doesn't work] spooks the markets. Thus the dollar collapsed, stocks tumbled and even the bond market took major hits. Cut stock holdings to 20 percent of your overall holdings, use rallies to sell." (Adrian Day's Investment Analyst) . . . "We continue to hold our positive stance for stocks." (Tucker Anthony Memo) . . . "Saying the market was historically up 30 percent on average after the Fed's fifth rate cut is like saying that on average you don't need an overcoat in Buffalo." . . . (Joseph McAlinden, Dillon Read) . . . "The explosion coming in stocks will make previous moves seem like chicken feed." (Young's Intelligence Report)