WALL STREET: The Kissinger Market

The stock market so often seems to be ruled by arcane forces that its more imaginative speculators have tried to correlate its gyrations with all sorts of noneconomic indicators: sunspot activity, hemline lengths, the 13th century "Fibonacci sequence" of numbers, or even the messages flashed on a Jehovah's Witnesses sign in Brooklyn that is visible from Wall Street's towers.* The newest indicator, and an unusually reliable one, is the itinerary of Henry Kissinger. When President Nixon's personal agent jets to Peking or Paris for talks about Viet Nam, stock prices often shoot up for a day or two—although they...

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