The New York stock market yesterday (Monday) plunged to its sharpest single-day loss since the assassination of President Kennedy.
The New York stock market yesterday (Monday) plunged to its sharpest single-day loss since the assassination of President Kennedy. Wall Street analysts blamed the slump on alarm at United States intervention in Cambodia and the ensuing campus violence at home.
One the closely-watched Dow Jones industrial share index there was a closing loss of more than 19 points. The loss on an average share of common stock was estimated at 94 cents for the day.
Operators described the market as "extremely nervous and very sensitive to news developments." The White House, worried about the Wall Street decline, had attempted to stem the rising disquiet by releasing encouraging statements on the progress of the push into Cambodia.
But selling gathered momentum -- with three million more shares changing hands than the previous Friday's session -- and when trading finished half an hour later than usual, Wall Street had suffered its worst fall for six and a half years.