What a Way to Start a Year!

Bullish tidings gladden both moneymen and the Administration

Bullish tidings gladden both moneymen and the Administration

A little more than a year ago, the U.S. was mired in its deepest and most painful slump since the Great Depression. Since then, the economy has been recovering rapidly, and upbeat indicators have become fairly common. But by any standard, last week's good news was simply dazzling. The economy seemed to be letting out a shout of joy that echoed from Wall Street to Main Street to Pennsylvania Avenue.

On Wall Street, investors went on a binge that pushed volume on the New York Stock Exchange to an alltime one-day high. Moneymen had...

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