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Market suffers worst setback in 41 years after margin hike
New York traders faced a sharp selloff as the Federal Reserve raised margin requirements from 30 to 60 percent. The Associated Press average of 60 stocks slid to 152.40, with declines led by Republic Steel and Kennecott Copper, while volume surged to 4.64 million shares amid a volatile session and a market overdue for a correction.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve Board
Wall Street
Associated Press
Republic Steel
Kennecott Copper
Anaconda Copper
du Pont
General Motors
Bethlehem Steel
Standard Owl
N.J
Amerada Petroleum