Wall Street: For Technical Reasons

By long-standing tradition, traders on the floor of the New York Stock Exchange break into cheers whenever stocks move sharply upward. Last week stocks were again moving upward, but the cheering had a nervous ring. "I'm afraid of this rally," said one Wall Street expert. "It lacks conviction."

By week's end, the caution proved well-founded. After registering substantial gains for six successive trading days, the market faltered on Friday, July 6, and fell eight points, to close at 576.17 on the Dow-Jones industrial average, a country mile away from the high point of 734.91 last Dec. 13. For...

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