Wall Street: Two-Sided Market

Despite record profits, rising dividends and bullish forecasts for business in 1966, the stock market has been dropping for five straight weeks. As volume soared to an alltime high of 45 million shares last week, the Dow-Jones average of 30 industrials worried off another two points and closed at 946—just about where it was half a year ago. Is anything wrong? The answer is that Wall Street today is not just one market but two. While the blue chips lag and drag, investors are switching billions of dollars into lower-priced, lesser-known and...

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