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| | Trading Analysis of October 27 and 28, 1997 |
 | | October 27 was also the first time that the cross-market trading halt circuit breaker procedures had been used since their adoption in 1988. |
 | | The market declines on October 27 and the morning of October 28, as well as the bounce-back in share prices during the remainder of October 28, must be understood in the context of market movements over the preceding days, weeks, and months. |
 | | For example, while the October 27 daily volume on the NYSE totalled 685.5 million shares, representing a 33% increase over the year-to-date average, this was only a 14% increase from the average for the previous week and only a 2% increase from share volume on the previous trading session of Friday, October 24. |
| www.sec.gov /news/studies/tradrep.htm (19123 words) |
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