Wall Street: 1 066 & All That

Wall Street greeted the July 4 weekend with a bang. After going nowhere for six puzzling weeks, the Dow-Jones index of industrial shares reached new records in four out of five trading sessions, climbed 101 points for the week to close at an alltime high of 841.47. The gain was all the more impressive because the market is usually sluggish just before a warm-weather holiday. By crossing the 840 mark, which brokers had viewed as a psychological hurdle, the market appeared well poised for further advance.

Whether they called it "the Johnson Market" or "the Blue Chip Market," most Wall...

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