Stock Exchange Chief Gives Pep Talk but . . .
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NEW YORK — New York Stock Exchange Chairman John Phelan Jr. gave traders a pep talk before the market opened today, but when the opening bell struck most stock prices retreated sharply.
Phelan also read a message from President Reagan to members and staff on the floor of the exchange, commending them for their performance “during the extraordinary events of the past few days.”
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