Business: History & Hysteria

Wall Street last week made some history and some hysteria. On the opening day of trading on the New York Stock Exchange, industrials continued their rise to record highs, and utilities touched their highest since Sept. 23, 1930; three times the tape fell behind. Next day the market turned right around and headed down, falling 4.23 points on the Dow-Jones industrial average. Not since President Eisenhower's heart attack in September 1955 had the market seen such heavy trading. As 5,110,000 shares changed hands, the tape fell behind seven times, once as much as 15 minutes, for the greatest number of late...

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