State of Business: Where Do the Leaders Lead?

The stock market last week confirmed the experts' gloomier expectations. The Dow-Jones average took a net loss for the week of 12,80, dropping to 578,98 (see chart below). Though it was still some 40 points above the low it hit last June, the market had dropped nearly half of the 80 points that it recouped in August, effectively erasing any lingering hopes that the summer rally might still have some steam.

With the stock analyst's penchant for talking about the market as if it were a not-quite-bright child, Frederick Millett, research partner of Wall Street's Good-body & Co., suggested: "I...

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