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Market Shocks as Fed Hikes Rates Trigger Steep Dow Fall
The stock market faced a sharp reaction after the Federal Reserve raised the discount rate from 4 to 4.25 percent, with the Dow Jones Industrial Average plunging 17.60 in the first hour. Traders later rebounded, and weekly volume hit a record high, as the AP average rose 1.6 points to 34.9 and the Dow stood at 952.72.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve Board
Lyndon B. Johnson
Secretary of the Treasury
Dow Jones
FRB
William McChesney Martin
Midctober
Associated Press