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1、大学英语四六级考试精读荟萃100篇(47)Passage Seventeen (A Strong Stock Market)The increase in the margin rate from 50% to 70% was not an attempt to stem any rampant speculation on the part of the publicactually the market seemed technically quite strong, with public participation essentially dignifiedbut rather an
2、attempt by the Federal Reserve Board to preserve the sound underpinnings that existed in the market. Naturally, such a move had a momentarily chilling effect upon prices but if the FRB had been preoccupied with undue speculation, the increase might have been to the 80% or even 90% level. Such an inc
3、reases in the margin rate is a confirmation of a strong stock market and since 19,such increases have resulted in interim market highs over twelve months later. Obviously, there could be no guarantee that this would once again be the case, but if history is any guidelineand if business and corporate
4、 earnings were to continue on the same coursecontinued optimism over the outlook for the stock market would seem more prudent than pessimism.The margin increase underscored the good rise that stocks had enjoyed for the previous yearand the fact that a 50% rate was maintained as long as it was pointe
5、d up the fact that the rise was mainly conservative in that it was concentrated in the blue chips for the most part. In past Investment Letters we have voiced the thought that speciality stocks could outperform the general market from this point. We continue to believe that this could be the case. F
6、or example, steel stocks tend to sell at certain fixed price/earnings ratios. Below a certain ratio they are considered good valueabove a certain ratio, overpriced. If a company produces a unique product it is far more difficult for market analysis to place a numerical ratio upon the companys earnin
7、gs. We have also contended in the past Letters that the stock market reflects mass psychology as well as the business outlook. When investorsboth the public and the institutionsare nervous and pessimistic they definitely hesitate to buy stocks: they seek low price/earnings multiples and high yields.
8、 These same investorswhen they are in an optimistic frame of mindbecome for less preoccupied with yields and more wiling to pay a premium(high p/e multiples) for accelerated growth. If the publics attitude towards the auto industry is any measure, then this period seems to have been one of optimism.
9、1. The title that best expresses the ideas of this passage isA. A Time to Sell Stock. B. A Strong Stock MarketC. Raising the Margin Rate C. Price/earnings Ratio in Steel2. When investors are pessimistic what do they do?A. They look to the FRB for help. B. They buy steelC. They buy automobile stocks.
10、 D. They look for high yields.3. Why does the writer believe that speciality stocks could outperform the general market?A. Because analysis have difficulty in deciding upon a fixed price/earnings ratio.B. Because the activity had been limited to blue chips.C. Because the rise was conservative.：考试大D.
11、 Because of the FRB action.4. When investors are optimistic, what do they do?A. They look for accelerated growth. B. They buy speciality stocks.C. They look for high yields. C. They are more prudent.Vocabulary1. margin rate 保证金率，边际比率2. rampant 无约束力，猖獗的，蔓延的3. stem 遏制4. stem from 滋长，源自5. underpin 加强基础
12、，支持6. underpinning 支持物，基础(建筑物下的)7. preoccupy 先占，使专心于，吸引住8. undue 过分的，非法的，不适当的9. interim 间歇;暂时的，间歇的10. guideline 方针，指导路线11. underscore 在下面划线，强调12. point up 加强，强调13. bluechip 兰筹股票14. blue-chip 兰筹的15. outperform 在使用上胜过16. overprice 将标价过高17. numerical ratio 数率，数字比率18. earnings 收益，利润，收入19. contend 竞争，坚决主
13、张，争论20. premium 佣金，酬金难句译注1. The increase in the margin rate from 50% to 70% was not an attempt to stem any rampant speculation on the part of the publicactually the market seemed technically quite strong, with public participation essentially dignifiedbut rather an attempt by the Federal Reserve Boa
14、rd to preserve the sound underpinnings that existed in the market.结构简析 是notbut句型，两个破折号中间是插入成分;中插入一个带with+N+participle 短语参考译文 保证金率从50%增长到70%，并不是想要遏制群众方面猖獗的投机，而是联邦储备委员会想要保持现存于股市强劲基础事实上股市由于群众非常庄严的参与在技术上看起来相当强劲。2. Obviously, there could be no guarantee that this would once again be the case, but if hist
15、ory is any guidelineand if business and corporate earnings were to continue on the same coursecontinued optimism over the outlook for the stock market would seem more prudent than pessimism.结构简析 复合句。中间有插入语if clause, 进一步说明条件。参考译文 显然，不可能保证这种情况再次出现(情况再是这样)。可是，如果历史具有指导方针的话如果商业和公司的利润仍然保持在同样轨道上那么对股市前景乐观似乎
16、要比悲观更精确些。3. The margin increase underscored the good rise that stocks had enjoyed for the previous yearand the fact that a 50% rate was maintained as long as it was pointed up the fact that the rise was mainly conservative in that it was concentrated in the blue chips for the most part.结构简析 这句句子内有四个that clause：第一个that是good rise的定
