Comeback & Pinch

The bull market was back on its feet again last week. In five days, the Dow-Jones industrial average climbed 4.45 to 212.66, recovering more than half of its June-July losses. This week, it climbed faster, with industrials jumping to 215.82 the first day. Railroad shares, which traders were touting as "war stocks," climbed even more impressively. At 62.85 the Dow-Jones railroad average was 5.89 points above the pre-Korean bull-market high.

Many investors, who had been panicked out of the market, had taken a sober second look at company earnings and backlogs, and were back in. They were buying peacetime stocks...

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