Last week the New York Stock Exchange took one look at the news from the Balkans, another at the news from the Far East, and dived. In a single day's trading of less than a million shares, prices lost 3.44 points on the Dow-Jones industrials average, reached their lowest level since last JuneĀ18 points above the 1938 low, 76 below the 1937 high. Next day they rallied slightly. But Dow Theorists and other dopesters still read the main trend as down.
Brokers were not disturbed by their sensitivity to war news; they...
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