STATE OF BUSINESS: Deflation on Wall Street

After months of slow leak, the rest of the air went out of Wall Street last week—and it went with a whistle. In five days of heavy trading, stocks on the New York Stock Exchange lost $8.7 billion of their value. Thursday was the worst. As 3,300,000 shares changed hands, the Dow-Jones industrial average plummeted 9.69 points, the rail average 4.59 points in the sharpest break since Oct. 10. 1955, the week after President Eisenhower's heart attack. Though a strong surge on Friday checked the losses, the attrition left the market average at 441.16, nearly 80 points below...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!