Cùng với cổ phiếu, cũng là một mảng bối rối của các sản phẩm tài chính để đáp ứng nhu cầu đầu tư cụ thể. Thật vậy, sự tăng trưởng trong các thị trường chứng khoán và thị trường tài chính khác là một phần của câu chuyện về sự tăng trưởng của nền kinh tế Mỹ. | 26 The Stock Market of computer programs to signal the best times to buy or sell so-called program trading. Improved transacting technology and the increased reliance on mathematical models to trigger the buying and selling of huge blocks of stock and futures of which more will be said shortly proved to be a combination that like margin buys in the 1920s pushed Wall Street into ever more vigorous trading. This new trading style reminiscent of the 1920s led to wider swings in stock prices and increased trading volume. By late 1986 concerns about the impact of computerized trading systems were being raised by among others John J. Phelan chairman of the New York Stock Exchange. Most firms and traders on the street ignored such concerns. In the remaining months of 1986 and through most of 1987 writes Metz Wall Street firms will become more aggressive in their index arbitrage and more and more of their clients will ask to get on the bandwagon. The trend will also be driven by another evolving program trading strategy dynamic hedging more widely known by the misnomer portfolio insurance. 16 Some argue that it was not program trading that caused the October 1987 break but the failure of the actual trading mechanism. That is because program trading involves movements of huge blocks of stock an atypically large volume could overwhelm the trading network. Even with continual technological improvements to facilitate trading by October 1987 the confluence of tremendous trading volume stemming in part to activity in the Chicago Mercantile Exchange and the inability by floor specialists to establish orderly markets led to one of the most dramatic breaks in the stock market s history. When the DJIA reached its then record high of 2 in August 1987 this marked a near-doubling of stock prices in only a few short years see Figure . Even though the DJIA stumbled a bit earlier in the year stock prices continued to rise even in the face of unfavorable economic news. The . .
