Was everybody out of step but Wall Street? Last week it seemed so. As news of strikes and wage demands clogged the tickers, the market reacted to it almost as if it were good news. Not for months had there been such a scramble to buy. By week's end, the Dow-Jones averages had climbed up to 188, close to the highs of the last big bull market in 1937.
The reason why Wall Streeters kept buying in the face of such news was plain. They were betting on an upcoming business boom, plus a heady dose of inflation. Ever...
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