Is the Bull Market Over?

Shaken by skidding prices and economic misgivings, many investors are wondering whether the bull market, which saw the Dow Jones industrial average go from 776.92 on Aug. 12,1982, to 1287.20 on Nov. 29,1983, has run its course. Last week the Dow Jones closed at 1148.87. Says Leon Cooperman, chairman of the investment-policy committee for the Wall Street firm of Goldman, Sachs and a guest at last week's meeting of the TIME Board of Economists: "Unless we deal with the budget deficit and can get lower interest rates, the odds are that the bull market is over."

Cooperman maintains that investment managers "move...

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