THE ECONOMY: Spring Slide

Wall Street's bull market has been faltering ever since it hit its 20-year peak on May 3. Last week, the bull did more than falter; it fell. At midweek a wave of selling struck the market just before noon, drove some stocks down as much as six points. Before that day's close, the market got back some of its losses, and it held steady to week's end. But its old, heady vigor seemed to be gone.

Would there now be a big drop? Wall Street's chartists conceded that the bull had taken quite...

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