STATE OF BUSINESS: Frustrated Optimism

The stock market was a matter of concern last week not only to harried investors but to businessmen worried about the impact of its slide on U.S. business psychology. In a week of wild gyrations, it plummeted as much as 12.2 points in a few hours, bounced back up again, roller-coasted through the week. At week's end the market was down to 622.23 on the Dow-Jones industrial average, the lowest point in five months.

Wall Street had a long face, but it was not weeping. It was not worried about any downturn in the economy; instead it was suffering...

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