• Short Summary

    AFTER A MORNING WAVE OF SELLING FOLLOWING THE PREVIOUS DAYS NEAR PANIC, THE NEW YORK STOCK EXCHANGE RALLIED MAY 29, AND THE DOW JONES INDUSTRIAL AVERAGE ROSE 27.03 POINTS TO 603.96 AFTER LOSING 34.95 ON THE MAY 28 TRADING.

  • Description

    AFTER A MORNING WAVE OF SELLING FOLLOWING THE PREVIOUS DAYS NEAR PANIC, THE NEW YORK STOCK EXCHANGE RALLIED MAY 29, AND THE DOW JONES INDUSTRIAL AVERAGE ROSE 27.03 POINTS TO 603.96 AFTER LOSING 34.95 ON THE MAY 28 TRADING. A RECOVERY OF ABOUT 40-PER CENT.

    THE VISITORS GALLERY WAS CROWDED WITH SIGHTSEERS AND ANXIOUS INVESTORS WHEN THE MORNING TRADING BEGAN. ORDERS TO SELL, MAINLY BY SMALL INVESTORS, POURED IN. BUT SOON AFTER NOON BARGAIN HUNTERS BEGAN BUYING THE DEPRESSED BLUE CHIP INDUSTRIAL STOCKS AND THE RECOVERY MOVEMENT GAINED MOMENTUM. THE STAMPEDE TO SELL HAD BEEN REPLACED BY A WELCOME FLOOD OF BUYING.

    TICKER-TAPE RECORDING TRANSACTIONS WAS RUNNING SO FAR BEHIND, MORE THAN TWO HOURS AT ONE POINT, THAT FOR SOME TIME IT WAS IMPOSSIBLE TO JUDGE THE EXTENT OF THE RALLY. BROKERS REPORTED THAT PRICES OF MANY STOCKS WERE HIGHER ON THE FLOOR THAN THEY WERE ON THE TAPE.

    CONFIRMATION THAT THE MARKET IS NOW BEGINNING TO ADJUST ITSELF AT ITS PRESENT LEVEL WILL NOT BECOME APPARENT UNTIL MAY 31, FOR MAY 30 IS MEMORIAL DAY AND A PUBLIC HOLIDAY.

  • Tags

  • Data

    Film ID:
    VLVAREQUWNPC14IG0YMRJ5JRQP3
    Media URN:
    VLVAREQUWNPC14IG0YMRJ5JRQP3
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    30/05/1962
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:01:01:00
    Time in/Out:
    /
    Canister:
    N/A

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