Business: If & And

Like Pioneer IV, Wall Street's bull sped into uncharted territory last week. As trading on the New York Stock Exchange boiled up between 3,900,000 and 4,800,000 shares daily, Dow-Jones industrials hit a peak of 611.87, or 175 points above the 436.89 low of a year ago. Not even tough news could jolt it. The index gave up only 2.35 points on the Federal Reserve Board's discount-rate hike (see above), closed at 609.52.

Such a broad and bright market led many an investor to play the old stubby pencil game of "How much would I have now if . . ." If he...

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