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Stocks Slide Amid Economic Hopes and City Troubles
In New York, stock prices fell as concerns over higher rates and a weak economy weighed on sentiment. The Dow dropped 822 points after a 1.87 percent loss, and NYSE advancers trailed decliners by more than 2 to 1. Treasury Secretary Simon warned of a potential $40 billion federal deficit this year, signaling heavier borrowing. Bonds faced doubts about New York City and state pension fund purchases, with fears of possible default. GE led losses in the Dow Jones composite, while the American Exchange index also declined.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
Tahor
Sohan Dunlop
Senate
Dunlop
Ford Administration
Treasury
William E. Simon
Munday
Ford
WEW York
New York City
A & To L
New York Stock Exchange
Conent
William Sirnon
Federa
New York State
United Financial of
California
American Exchange