World News Tonight (ABC) - 1991-11-15
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Read a transcript preview of “World News Tonight (ABC) - 1991-11-15” from malgent, uploaded on 2025-11-16.
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Language: English (YouTube automatic captions)
[0:05] From ABC, this is World News Tonight
[0:09] with Peter Jennings.
[0:10] >> Good evening. We begin tonight with a
[0:11] recipe for trouble. Take the latest poor
[0:13] economic statistics, add uncertainty
[0:16] about whether Congress might try to put
[0:17] a cap on credit card interest rates,
[0:19] which makes banks nervous, stir in
[0:21] generally nervous investors, and you
[0:23] have the volatile mix that set the stock
[0:25] market back more than 120 points today.
[0:28] The Dow Jones Industrial Average took
[0:30] its fifth largest drop in history to
[0:32] close at 2943. The trading was heavy.
[0:35] ABC's Steven Og tonight on what it all
[0:37] means.
[0:41] By the time the stock market closed
[0:43] today, it had been through an hour of
[0:45] carnage. Twice during the afternoon, New
[0:47] York Stock Exchange officials put
[0:49] special rules into effect to slow the
[0:51] fall. The sharp drop, most of it during
[0:54] the final hour of trading, came out of
[0:56] the blue. Just two days ago, several
[0:58] stock market indexes were at record
[1:00] highs. Several analysts blame the drop
[1:03] on a sell-off in biotechnology stocks,
[1:05] companies most people never heard of,
[1:07] such as Immunex, Biogen, and Amgen. Now,
[1:11] in this instance, the speculative
[1:12] intensity has been in the biotechnology
[1:15] area. And there was a negative article
[1:17] on biotechnology stocks today which I
[1:20] think crystallized some uh investor
[1:23] profit taking and that spread to the
[1:25] rest of the list today.
[1:26] >> Biotech stocks began to plunge. Other
[1:28] traders sold off a wide variety of
[1:30] stocks. They blamed the continuing
[1:32] string of bad economic news including
[1:34] today's report that industrial
[1:36] production