Wall Street: Discounting the Dip

Be the news good or bad, Wall Street seldom quivers twice over it. Last week the stock market not only shrugged off the anticipated drop in first-quarter corporate profits but sprinted to a new peak for 1967. Responding to growing indications that the economy will turn up later this year, the Dow-Jones industrial average climbed 13.87 points to close at 897.05. On top of earlier gains, that gave the market a 43.71-point lift in three weeks—for its strongest rally since January. And it left the Dow-Jones only an edge below the 900...

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