Mart Plunges Sharply in Heavy Selling: Glamour Stocks Pounded
NEW YORK, May 7 (AP)ÛÓThe stock market took its sharpest loss since last November as profits were taken vigorously today in a wide range of issues from glamour stocks to blue chip's.</br></br>The space age stocks, whose advance yesterday Û÷ screened increasing weakness in high quality issues, toppled to losses running to 8 points or more. The key stocks which govern the market averages dropped fractions to around 4 points.</br></br>It was a long overdue "correction,Û in the minds of Wall Street analysts, to a market which has moved very narrowly on average for the past eight sessions since it began adjusting to its latest record peak.</br></br>Veteran traders were described as alarmed at the fantastic proportion of the gains in many of the ÛÏscience fictionÛ stocks. They decided now was a time to cash substantial profits. As the big gainers lost ground they touched off strings of "stop loss" orders beneath the market, accelerating the pace of the shakeout.</br></br>Thiokol, the week's most active issue, dropped IVt points of the 18}åÇ it had gained in the three previous sessions this week. The New York Stock Exchange banned all stop orders in Thiokol. These are orders to buy or sell at specific prices above or below the going price. They are banned occasionally to prevent undue fluctuations in a stock.