Oh, What a Beautiful Rally!

In a frenzy of trading, Wall Street rewrites its record book

Wall Street brokers reported to work last week in a mildly upbeat mood.

The Federal Reserve Board was showing signs of easing its tight-money policy. Interest rates were falling. At long last, it seemed that stocks should look attractive to skittish investors. But no one was at all prepared for the events that erupted: a torrent of trading volume and the swiftest, most spectacular price surge in the history of the New York Stock Exchange.

The Dow Jones industrial average scored its largest one-day and one-week gams on record, finishing at 869.29, up...

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