Still limping from the effects of President Kennedy's assault on the steel companies, the stock market was making a feeble attempt to rally. Then, shortly after 2 p.m., the news was flashed that a federal grand jury in New York had indicted U.S. Steel and three other companies on antitrust charges. The market broke, with steels leading the way down; U.S. Steel fell to 58, its lowest price since early 1958.
The market reaction was instinctive: Wall Streeters naturally interpreted the indictment as a vindictive Administration follow-up to the steel-price struggle of...
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