STATE OF BUSINESS: Middle-East Echoes

When war breaks out. so goes the Wall Street maxim, stocks go down and commodities go up. Last week the maxim once more proved true. The news from Egypt set off the widest break in the New York Stock Exchange since the President's ileitis attack of June 8. Led by Royal Dutch-Shell. Gulf Oil and other oil companies with large Mideast holdings, the Dow-Jones industrial average dropped 6.62 to 479.85. But when the President pledged "no involvement." the market bounced up again. At week's end the market had more than regained its losses....

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