Wall Street's tremors reverberated last week through Rome's Via Parigi, Rio's Avenida Rio Branco and Hong Kong's Queen's Road Central. With tens of thousands of non-American investors holding stakes in the U.S. stock market, foreign trading on the New York Stock Exchange rose from $5.8 billion in 1961 to $7.8 billion last year, when it accounted for more than 5% of all Big Board transactions. One reason for the market's weakness is that the foreigners have been selling. Last year they sold $409 million more than they bought, largely because the British...
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