Stocks suddenly surge after more than a year of gloom
Brokers know all about Wall Street's legendary selling panics, but whoever heard of a buying panic? That is precisely what swept the New York Stock Exchange late last week. In two incredible days of financial hebephrenia, the cavernous trading room echoed with delirious shouts and yells so loud that it was hard for brokers to talk to one another. After 15 months of steadily slumping prices, the market had taken a sudden and unexpected U-turn, sending short sellers, who make profits by betting on continued declines in stock prices, running for cover.
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