Full of Steam

Like a man walking on the ceiling, the stock market last week continued to delight and mystify onlookers. In nose-thumbing defiance of all the gloom over strikes (see NATIONAL AFFAIRS), the market blithely kept on rising, for the fourth week in a row. With a 4.1 point gain during the week, the Dow-Jones industrial average broke through the high mark (190.19) of a year ago, when Wall Street confidently expected a Republican victory, and reached 190.36.

But the market's rise was not as gravity-defying as it looked. It was solidly shored up by...

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