Wall Street: Picking Up Speed

When Detroit made auto peace, Wall Street stepped on the gas. Investors rushed in, lifted volume on the New York Stock Exchange to a five-week peak of 5,700,000 shares. After cracking alltime records for three straight days, the Dow-Jones industrials closed the week at 867. That was a rise of 38 points in less than three weeks.

While the auto settlement gave a big push to the market, it was not responsible for its basic momentum: the market had been moving up on bullish business news for five straight sessions before the Detroit settlement. The auto agreement opened the way...

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