The Crash: Riding Out the Aftershocks

A shaken Wall Street struggles to steady its nerves and stage a rally

The panic was gone, but not the sense of helplessness. Like survivors of a natural disaster, Wall Streeters swung in a half-rational pendulum of despair and delight last week. Ready for a fresh quake in any direction, investors searched for definite portents in every new development in the U.S. dollar, interest rates and the budget deficit. But if the market was capable of a one- day, 508-point drop on Black Monday, Oct. 19, who could say what it might do next? Some seers thought they knew, yet their conclusions were as contradictory as they were passionate. "We are out of the...