A second concern was the Dow Jones Average. The average had climbed impressively in one week following Hoover’s election. It had risen 50 percent since the day Coolidge had announced he would not run again, an enormous amount. A crash was coming, he knew, and the higher the market went, the worse the disruption would be. The Federal Reserve was attempting to impose a new sense of caution by raising interest rates, but the market was not responding.
