WALL STREET: Just a Mild Surprise

Said one broker: "VE day won't be a shock to the market. It will be just a mild surprise."

Last week, there was evidence that Wall Street's lusty bull market was ready to take the end of the German war in its stride. In six bustling days of trading, the market climbed. At week's end, the Dow-Jones industrial averages were up to 164.71, highest point since the end of the booming bull market of 1937.

It was a poor stock that did not have its fling. Nor was there any sheep-&-goat distinction between war...