Abstract
Shortages of basic chemicals such as ethylene, styrene, and caustic soda, stable or lower feedstock prices, and a weak U.S. dollar that has helped increase overseas demand for U.S. chemicals have recently helped increase many chemical companies' sales and profits, and to some extent their stock prices. Chemical stock prices, as measured by the C&EN stock price index, have advanced more than 24% above closing prices a year ago on Black Monday, Oct. 19, 1987. On that day, the market crashed and the Dow Jones Industrial Average declined 508 points, almost 23%. The situation looked baleful then, when the C&EN index dropped 107 points, or 20% on the day, to 423 (1957 = 100). But as of Oct. 7 this year, this index has recovered to within a few points of its close on the Friday before Black Monday. The chemical index, however, is currently 20% below the 1987 high of 630, attained on Oct. ...
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