Wall Street Says: Show Me

Though Wall Streeters voted for him in heavy numbers last November, their euphoria over Ronald Reagan was short-lived. Soon after Election Day, the Dow Jones average of 30 industrial stocks pierced 1,000 for the first time in four years. The widely watched indicator was then on a roller-coaster through the next several months, reaching 1,024, its highest close so far this year, on April 27. Slowly at first, but then with increasing momentum, doubts turned into downright disbelief.

Last week, as trading resumed after Labor Day, brokers stood long-faced among the Dow's smoldering ruins:...

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