WALL STREET: Breakthrough

For more than a month, Wall Street's bulls & bears have been casting their horoscopes to see which way the stock market was headed. After hitting its bull-market high of 255.71 on the Dow-Jones industrial average in February, the market sagged off to a low of 243.95 in mid-March. But when jubilant bears began looking for the kill the market, contrarily, rose.

Last week the news of MacArthur's dismissal jolted the market, but only temporarily. Next day it jumped up again. Reasons for optimism: the U.S. Treasury is still running a surplus, and there is no immediate prospect of bigger corporate...

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