Stocks Cascade to Lowest Closing Level Since 1962: No Climax Seen
NEW YORK, May 25 ÛÓThe stock market was slugged for its biggest single-session loss in six and a half years today and prices retreated to levels not seen since the end of 1962.</br></br>In a virtually non-stop onslaught of selling, the Dow Jones industrial average tumbled 20.81 pointsÛÓthe biggest single-day loss of the current decline and within one point of the loss suffered after the assassination of President Kennedy on Nov. 23, 1963ÛÓand closed at 641.36. That was the lowest close since Dec. 18,1962, when the Dow finished at 640.14.</br></br>The trend for the day became clear right after the opening bell. In the first 30 minutes the Dow fell more than 7 points. By the end of the first hour, the loss was above 11 points. Between noon and 1 p.m., with the average down more than 12 points, the selling abated, but there was no sign of a rally. Prices turned down again in mid-afternoon and the slide continued until the closing bell.</br></br>Volume at both the opening and close was heavy enough to push the exchange's ticker tape one minute behind the floor pace, but analysts said it did not reach the dimensions required for the ÛÏselling climaxÛ that some think will end the slide. That would call for very heavy volume-20 or 25 million shares or moreÛÓalong with a steep decline. At the close, 12.66 million shares had changed hands, up from 12.17 million on Friday. The totals ran behind FridayÛªs pace until the final 30 minutes of trading.</br></br>Broader-based averages were about in line with the Dow. Standard & PoorÛªs 500-stock composite was down