Kennedy vs. US Steel
Impact
S&P −5.7% in two weeks
What happened
JFK used a televised press conference to attack US Steel's price increase. Within days, steel companies reversed it. The S&P fell more than 5 percent over the following weeks as investors repriced political risk.
Context
Kennedy's confrontation was a rare case of a president using broadcast media to force corporate retreat. Business Week later called it the moment business realized the White House could move markets with a single speech.
Era
02 · Radio & Wire Services
Radio and ticker tape compressed reaction from days to hours. Presidential speeches could move markets the same afternoon. The financial pundit was born.
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