Bubbly Times for Bulls

Wall Street is toasting a record-breaking market

It was the year that Newton's laws were repealed on Wall Street. What went up never came down--at least not for long. After starting 1985 at 1211.57, the Dow Jones industrial average broke the 1300 barrier in May, smashed 1400 in November and surged to a peak of 1553.10 on Dec. 16 before settling at 1543.00 at the end of last week. The advance was fueled by the billion-dollar money managers who handle the investments of pension funds, insurance companies and bank trust departments. By the end of the year, even the most cautious of these institutional investors were under pressure...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!