Having soared since April, can the "Reagan market" keep going?
While most of the headlines this hot summer have been dwelling on elephants, donkeys, and dog days in the economy, the bulls have pulled a fast one. Shrugging off gloomy news about rising unemployment, sagging industrial production and red ink all over Detroit, stock prices have been surging steadily for almost four months. Last week, following a spate of near-panic buying that sent total trading volume on the New York Stock Exchange well above 50 million shares on two successive days, the Dow Jones average of 30 blue-chip industrial stocks closed at...
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