I want to apologize for misunderstanding a former professor and not checking myself the assertion I made with such assurance on the Friday, January 25, 2008 program that the stock market had gone up in the wake of the Kennedy assassination. On the day of his death, stock prices plunged and by the afternoon, all trading was suspended. It was within a few days that the market recovered, actually seeing its largest single-day point gain in its history up until that time on Nov. 27, 1963 — to a level ABOVE where it was on Nov. 21. It was that rally the professor was referring to, not the immediate reaction to the event.
The point is the same one I was trying to make on the air: that had the market continued to go down, President Kennedy’s death would have surely been cited as the cause. Instead, within a week, it was UP. The immediate plunge also illustrates the other point I was trying to make: about the primacy of mass psychology.
But I implied, because I wrongly thought, that the market had gone up IMMEDIATELY. That was inexcusable, since I could — and should — have checked the facts myself and did not. I will never go on the air again without doing so in the future. I am sorry.