The stock market ended the week yesterday with another losing session, suffering the worst 5-day loss in points in the 93-year history of the Dow Jones industrial average.
The drop was not limited to the Dow average, which measures the value of stock in 30 of America's greatest corporations. It was spread over a wide variety of stocks; in all, 1.551 issues declined and only 142 gained on the New York Stock Exchange.
Yesterday's loss on the Dow was 8.40 points, and the loss for the week totaled 59.08 points.
Institution investors, who trade in large blocks, were selling stock in near panic, in contrast with their buying spree earlier this year.
The previous record for one week occured almost five years ago when stocks plunged 51.78 points in the week ended Nov. 2, 1973. That occurred in the wake of the Arab Oil embargo and the first of the dramatic series of oil price increases initiated by the Organization of Petroluem Exporting Countries.
Analysts attributed this week's broad and steep retreat to growing fears by investors that higher interest rates will continue to be only effective inflation-fighting tool in the government's arsenal, and that rates may have to go much higher before they have any impact. That in return could trigger a recession.