WALL STREET: The Blue-Chip Boom

Not in years has the stock market had such a wide-swinging week. In one day the Dow-Jones industrial index shot up 7.99 points, the biggest gain since Sept. 5, 1939, after World War II began. Next day prices dropped 7.18 points, the biggest break since March 14, when investors were scared by the Fulbright committee.

The cause of the fireworks was a surprise announcement by General Motors that it was splitting its stock three shares for one, held as of Aug. 8, the fifth stock split* in G.M.'s history. It will give G.M....

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