As Washington's battle against price rises intensified, Wall Street last week finally seemed to get the message. After meandering since January, the stock market suffered its worst weekly loss in 21 years. The Dow-Jones industrial average declined by 35 points, to 917—the lowest level since last September. On the New York Stock Exchange, declines outnumbered advances by 3 to 1. On the American Exchange, prices dropped by an average of 5%. The slide continued until the four-day trading week, abbreviated for Washington's Birthday, ended mercifully on Thursday.
The sell-off signaled something of a shift in investor psychology. The feeling is...
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