The Dow Jumped over the Moon

A three-year-old bull market stampedes past 1400

Bulls by nature are sprinters who tire quickly. But the breed on Wall Street is displaying the endurance of a marathon runner. The stock-market rally that began more than three years ago is as robust as ever. The stampede, spurred at first by a sharp drop in interest rates, started on Friday, Aug. 13, 1982, with a twelve-point rise in the closely watched Dow Jones industrial average, to 788. The runaway Dow took only six months to close above the 1100 mark for the first time ever and just two more to break 1200. Though the market slowed to a more...

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