FINANCIAL MARKETS: Zoom! There Goes 2900

Zoom! There Goes 2900

The stampede seemed to come from nowhere. In full defiance of such economic troubles as sagging real estate prices, weak corporate profits and the titanic savings and loan mess, investors in the U.S. and overseas have bullishly poured billions of dollars into the stock market during the past month. Last week the Dow Jones average broke the 2900 barrier for the first time, climbing 80 points and closing at 2900.97. All told, the Dow has risen 244 points since May 1 and has set record highs eleven times. The euphoria has spread far beyond the blue-chip Dow. The more broadly based...

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