May 28, 1962
The Book of Investing Wisdom: Classic Writings
Stock market
The Wall street investor
(1962)
J.Paul Getty
On Monday,May 28, 1962, prices on the New York Stock Exchange cumbled rapidly
before an avalanche of sell orders. The Dow-Jones industrial average plunged nearly 35
points to register its biggest one-day drop in over 32years. Crashing throught the 600
level for the first time since 1960, it hit a day's low of 576.93.
By the end of the day, many big-board stocks were selling at prices from 30 to 80
percent below their 1962 highs. Shares traded on the American exchange and
over-the-counter markets followed suit and also went into nosedives. Headline writes
were quick to respond to the developments being reported by the lagging ticker:
BLACK MONDAY PANIC ON WALL STREET
INVESTOR LOSE BILLIONS AS MARKET BREAKS
NATION FEARS NEW 1929 DEBACLE
Such were the nation's newspapers after the New York Stock Exchange closed
for the day. By the time later editions came off the press, experts and nanalysts and
economists and pundits were offering their explanatons hindsight diagnoses and
Foreign issues
http://www.brainyhistory.com/years/1962.html
October 22 John F. Kennedy imposes naval blockade on Cuba, beginning missile crisis
October 25 Stevenson demands U.S.S.R. ambassador Zorin answer regarding Cuban missile bases saying
"I am prepared to wait for my answer until hell freezes over"
October 26 John F. Kennedy warns Russia U.S. will not allow Soviet missiles to remain in Cuba
October 27 Black Saturday - Russian nuclear missile crisis in Cuba
October 28 Khrushchev orders withdrawal of missiles from Cuba, ending crisis
