A Bull and Bear Brawl

Wall Street rewrites the record books but then pauses to collect profits

Judging by the close of the Dow Jones industrial average on Friday, nothing much happened on Wall Street last week. The Dow finished at 1277.72, up a mere 1.66. In fact, that was only the end result of a heart-stopping, up-and-down week of heavy trading and tumult, of ecstasy and then anxiety. On Tuesday the Dow surged nearly 15 points, to close at a historic peak of 1292.62, breaking the previous record of 1287.20, set on Nov. 29, 1983. No sooner had the shouting stopped, however, than institutional investors, including pension funds, insurance companies and bank trust departments, began to cash...

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