Member brokerage firms of the New York Stock Exchange posted a combined loss of $124 million after taxes in the third quarter, the exchange said.
The loss compared with a profit of $471 million in 1989's third quarter.
Brokerage houses have suffered this year as small investors have shied away from investing in stocks, due in part to uncertainty over the economy. Iraq's Aug. 2 invasion of Kuwait has increased investor concern over stocks, experts say.
For the year's first nine months, the brokerages reported a profit after taxes of $22 million, down 98 percent from $1.28 billion in 1989's first nine months. Revenue totaled $40.8 billion, down from $45.1 billion in the year-ago period, the NYSE said.