STATE OF BUSINESS: Second Thoughts

The first business assessment of the blowup at the summit was made by the stock market. At the news from Paris the market shot up, paced by heavy buying in missiles and electronics stocks. While the tape ran late for a total of three hours on two successive days, trading reached its heaviest volume—5,240,000 shares—in more than a year and a half.

Wall Streeters were counting on a big hike in defense spending, but when Washington took pains to refute this talk, investors had some sober second thoughts. They began to sell the...

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