WALL STREET: The Darvas Effect

Market optimists who have been awaiting the "traditional" summer rise took it on the chin last week. For the second week in a row, each day the market closed lower than the day before, at Friday's closing was down 20.37 on the Dow-Jones industrial average to 609.87—the biggest weekly drop since March, and only eleven points above the year's low. The New York Times combined average of 501 stocks hit its worst point since November 1958. But there was no rush to sell. Volume averaged a thin 2,500,000 shares daily as the...

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