Wall Street: The Reasons Why

It wasn't a Black Monday on Wall Street, but it was dark grey.

On the first day of trading last week, the Dow-Jones industrial average went down by 16.32 points—the most precipitate plunge since the day of John F. Kennedy's assassination. Throughout the rest of the week, the market tried bravely to rally, failed, and ended up at a Dow-Jones average of 847.38, a new low for the year, and down 148 points, or 15%, from Feb. 9's peak of 995.15. The Big Board's new flattened-out index (TIME, July 22) slipped one point to 45.29, or 2%. The Dow-Jones...

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