Second Wave

The stock market, still quaking with post-election jitters, kept right on falling last week. In two days, 4,360,000 shares changed hands; prices tumbled to their lowest point in eight months. At week's end the Dow-Jones industrial average had fallen another 4.6 points to 174.32. In the post-election drop of almost 16 points, $6.2 billion in paper values had been drained from shares listed on the New York Stock Exchange. But this week the market perked up, rose two points.

For some Wall Streeters, last week's drop was more portentous than the actual losses. On the way down, the industrial and...

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