WALL STREET: Valley of Despair

Valley of Despire

For seven days in May, a price rally raised hopes that the stock market might finally be pulling out of its five-month slide. But that was two weeks ago, and last week the drop resumed.

Sour suspicions about Watergate, the continued weakness of the dollar, the soaring price of gold—up to a record $118.75 an ounce in London—and the continued rise of inflation and interest rates combined to hammer the Dow Jones industrial average down 37 points, to 894. After a brief moment of sunshine, Wall Street again became a valley...

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