A safe haven for intelligent investors

Learn about what happened in business in today's past

July 23rd:

1996: Just three days after telling The New York Times that the Dow Jones Industrial Average was heading for 6,400, stock guru Elaine Garzarelli tells her clients to get out of the market. Her forecast that stocks will drop 15% to 25%, which would put the Dow at about 4,300, helps send stocks plunging. The Dow, which had been up more than 43 points at lunchtime, nosedives more than 100 points and finishes the day off 44.39 at 5346.55. But Garzarelli turns out to be absurdly off the mark: The Dow never again comes within 1,000 points of 4300.
Source: http://www.businessweek.com/1996/33/b348899.htm; http://www.businessweek.com/1996/45/b3500143.htm; http://averages.dowjones.com/