Business & Finance: Hopes & Fears

Just before the Supreme Court killed off the Blue Eagle, the stockmarket pierced its long-established ceiling, shooting into new high ground for Recovery. With typical perversity, it shot downward even faster after the NRA decision. Some swift price-cutting developed but that merely served as a stiff shot in the arm for retail trade. Business as a whole kept a stable keel.

Reassured, the stockmarket regained all lost ground and last week pushed forward to the best levels since September 1931— just before Britain quit the gold standard. More inspiring was a sudden...

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