WALL STREET: Over the Top

For more than 25 years, one statistic has spelled for Wall Streeters the excitement and romance of the Roaring Twenties. The figure was 381.17, the highest closing point reached by the Dow-Jones industrial average in the 1929 bull market. In all the years since, investors hardly expected the market to reach such a peak again—until this year. Last week the big bull market of 1954, which has been surging up for five straight weeks, finally crashed through the 1929 industrial high.

As volume hit 3,000,000 shares or better every day, the floor of...

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