WALL STREET: Testing the Floor

Wall Streeters have had an uneasy feeling about long holiday weekends ever since 1946. That year, after a three-day Labor Day weekend, they came back to work in a restful and unsuspecting mood, only to see the big wartime bull market collapse in six days of heavy selling. Last week, after the three-day Memorial Day weekend, they came back feeling pretty nervous. They had reason to be.

Before the opening day was over, a flood of selling orders (1,236,840 shares) struck the already ailing market its worst blow of the year. Out of 1,084 issues traded, 877 went down, breaking...

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