WALL STREET: How High Is Up?

With charts, slide rules and popping eyes, Wall Streeters have spent the last nine months measuring the stock market. To many, the market has seemed a freak: it started to rise just when business began to contract last fall, now towers above anything seen since 1929. Since September, the Dow-Jones industrial average has pushed 25% higher almost without pause, last week rose to a new high of 328.67 before shading off. What made the giant grow? Is there a giant killer lurking around the corner?

When measured against its postwar record,...

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