Wall Street: Watching & Waiting

The New York Stock Exchange last week announced that more Americans than ever—20 million in all, or three times as many as 13 years ago—now own stock. The fact was impressive, but few cheers were heard on Wall Street. Reason: not many of the 20 million seemed to be doing any buying. Confused, uncertain and frequently just plain listless, the stock market drifted down for the sixth straight week, sold off heavily on one day and closed the week with a loss of 24.75 points on the Dow-Jones industrial average. At 854.42,...

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