Wall Street, by contrast, has experienced in the second quarter what might be better described as “a perfect calm.” Earlier this year, the dramatic decline of volatility and volume that drained revenue from Wall Street’s fixed-income, currency and commodities trading operations was somewhat offset by growth in equity sales and trading. Average daily trading volume in S&P 500 stocks since April 1, for example, is 29% below its five-year average and 17% below the first quarter.