STOCK MARKET: In the Grip of a 'Buying Panic'

Despite heavy flurries of profit taking, the stock market last week continued its astonishing January upsurge. Moving upward on three of the five trading days, the Dow Jones industrial average rose a total 24.32 points to close the week at a lofty 953.95, the highest mark since October 1973. In fact, since the market suddenly came alive after the new year, the Dow Jones industrials have gained a striking 101.54 points for one of the steepest rises on record.

Trading volume has soared as dramatically as the prices. During 1975 an average...

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