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...that U.S. business has shuddered through in recent years. In Washington, embarrassed Administration officials conceded that the budget surpluses they had predicted for fiscal 1970 and 1971 will turn to deficits. On Wall Street, the most unnerving stock market reports since the Depression 1930s became daily more dismal. The Dow-Jones industrial average fell 40 points to a new seven-year low of 662; during the past 18 months, it has plunged more than 320 points...
Take last week. By the standards of October 1929, or even May 1962, nothing overly dramatic happened. Trading was light to moderately heavy, ranging daily between 6,650,000 and 14,570,000 shares on the New York Stock Exchange. Yet by Thursday afternoon the barometric Dow-Jones industrial average had fallen 33 points to a seven-year low of 685. On Friday, prices rallied briskly enough to send the Dow average up 17 points to 702. The rise stirred some cautious chatter among brokers and analysts that the market might be, in Wall Street's convoluted jargon, "bottoming...
Investors have heard such talk many times before in the past 18 months. In that time the Dow-Jones has fallen 283 points, or 29%, and a staggering $250 billion has been erased from the paper value of stocks listed on the New York and American exchanges. In both length and depth, the slide now ranks as the worst since the Depression market of 1937-38. Indeed, before the Friday rally, the drop could have been said to have repealed the entire decade of the Soaring Sixties; on Thursday the Dow average was lower than at the start...
...Market averages that include more stocks than the 30 in the Dow index are higher than in 1960-but have dropped even more sharply in the current slide...
...Dow Jones industrials average fell 11.30 points to 665.25 yesterday. In three days, the market has lost 37.56 points...