The bull market last week pranced and surged in the heaviest trading on Wall Street in a decade. As 15,335,622 shares changed hands, not even fierce onslaughts by the bears at mid-week and at the start of this week could shake the market much. At 212.58, the Dow-Jones industrial average was only a few points down from the year's high. To jubilant bulls, this looked, as one said, as if "nothing can keep this market down."

Even more impressive was the fact that the market, which has often seemed deaf to good news,...

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