Wall Street: Bad Week for the Bears

Outside a dining room at the New York Stock Exchange stands a statue showing those indefatigable financial foes, the bull and the bear, locked in mortal combat. The bear seems to be losing, which is precisely what happened in the market last week. After a long, cold summer, the Big Board experienced its most dramatic one-day advance in three years. And papa bears, mama bears and baby bears, all of whom had been betting on a continued decline, suddenly found themselves running for cover.

It started on Monday. Ever since the alltime high last February, when the Dow-Jones industrial average...

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