What Goes Up ...

In the long weeks of the roaring bull market, Wall Streeters had almost forgotten the old saw: what goes up must come down. Last week, they remembered it. The reminder began shortly before noon on Thursday. For no apparent reason, stocks began to slip, were soon tumbling under a flood of selling orders. Twice the ticker fell behind sales.

By the time the New York Stock Exchange closed, 2,940,000 shares had been I ought & sold, the largest day's business in about five years. The break was the worst in 26 months (according to the New York Times Averages), in...

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