Wall Street's Merry-Go-Round

Investors take a dizzying ride through the record books

Until last week, many Wall Street investors thought the fun was over. The extraordinary bull-market surge that began last September seemed to have sputtered as of April 21, when the Dow Jones industrial average hit a peak at 1855.90. Between then and May 19, the Dow plunged 97.72 points, to 1758.18, losing more than 5% of its value. But when Wall Streeters returned to their command posts, computer terminals and telephone consoles after the Memorial Day hiatus, they happily resumed some unfinished business: a dizzying bull- market comeback.

The first sign of a rebound came in the two trading days before...

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