Worried Waiting on Wall Street

Stocks get off to a bad start in the new year

"People ask me whether the stock market is bullish, bearish or confused. I think it's confused." —James Moltz, chairman of the Cyrus J. Lawrence brokerage firm

Confusion was indeed Wall Street's theme as the bellwether first trading sessions of 1982 unfolded last week. Like an anxious mountain climber midway up a steep cliff, the stock market cautiously tried a slight advance last Monday. But then vertigo took over. On Tuesday, brokers' telephones lit up with customer sell orders that drove the Dow Jones industrial index down 17 points, the market's worst one-day...

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