For a third straight session, the New York Stock Exchange closed sharply lower on Thursday (May 21), a symptom of the general disillusionment on Wall Street.
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Background: For a third straight session, the New York Stock Exchange closed sharply lower on Thursday (May 21), a symptom of the general disillusionment on Wall Street.
The Dow Jones average of 30 blue-chip industrial stocks lost 11.30 points from the closing of Wednesday's trading -- the lowest average since March 1, 1963. The decline in the Dow Industrial average this week alone totals more than 37 points.
During the day's trading there were two brief rebounds, but they could not be sustained. However, the second upward spurt in the final hour of trading helped to reduce the over-all decline.
Some stock market analysts attributed the continuation of the month-long slump to high interest rates combined with a business slowdown and lack of confidence in the Nixon administration's ability to curb inflation or end the fighting in Indo-China.
Another analyst said that some of the market's sharp afternoon decline was due to disappointment that nothing concrete came from President Nixon's morning meeting with New York Stock Exchange Chairman Bernard Lasker.
Presidential Press Secretary Ronald Ziegler said the President expressed his confidence that "present adjustments in the economy will give way to renewed expansion in the coming months".