Just after lunch on Friday last week, Wall Streeters were seized with joy. Traders in the New York Stock Exchange cheered, jumped up & down, and thumped each other. Reason for excitement: the Dow-Jones industrial average had broken through its previous high mark of 187.66 made in 1947as the rail average had done 19 weeks before (TIME, April 19). Under the famed Dow theory, which many traders swear by, that meant only one thing: a bull market.
As brokers flashed the word, the Stock Exchange was deluged with orders to buy. In the...
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