Wall Street: The Tight-Money Market

By every logical standard, inflation should be strong tonic for the stock market. But the market is not logical, and ever since inflation began to loom large, it has retreated in fright. The Dow-Jones industrial average has fallen almost 70 points since early February, and last week, in a frenzy of deep plunges and brief rallies, it lost another four points to close at 927.95. Wall Street is worried that the fight on inflation and the war in Viet Nam may oblige the Government to take harsh steps that will pinch prosperity. That specifically includes the likelihood of higher...

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