U.S. Business: Wall Street: A Long Look Upward

Wall Street runs two ways—up and down. This fact was recognized long ago by one of the Street's alltime moguls, J. Pierpont Morgan. When asked by a brash young investor for a forecast about how the market would go, Morgan glared down his generously endowed nose, bristled his mustache, and replied: "It will fluctuate, young man. It will fluctuate."

So it always has, and always will. When Morgan died in 1913, the Dow-Jones industrial average, even then the popular indicator of market performance, stood at 81, and...

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