Wall Street: Converging Pressures

Summer is a traditional time for exuberance in the stock market, but this season is one Wall Street would like to forget. Last week despite a feeble two-day rally, the Dow Jones industrial average fell 1.62 points, to wind up at 869.65. It was the fourth week in a row of steady losses that have erased more than half of the Dow's spring gains. From a peak of 923.72 on July 15, the average has dropped 54.07 points, reflecting a $7 billion loss in the market value of 30 blue-chip industrial stocks. Most...

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