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...trading at 4 p.m., John Phelan, the stock exchange chairman, appeared on a balcony above the exchange floor just as sustained cheering burst out, punctuated by yelps and Indian war whoops. Wall Street had just ended its busiest week ever, twice breaking records for trading volume as the Dow Jones industrial average surged ahead for an 87.46-point gain, the biggest weekly advance in history. "Nineteen years on the floor of the exchange, and I've never seen anything like it," exclaimed Daniel Pratt, a floor broker for Smith Barney...
...anyone else. After moderately heavy trading on the first three days of the week, market volume on Thursday hit 172.8 million shares, smashing the previous one-day record of 159.99 million set on Jan. 5. The Dow Jones went up 31.47 points, the highest single-day increase in nearly two years. Then on Friday, traders came back ready for more. During the first hour after the market's opening, 72.6 million shares changed hands. By the end of the day, traders had obliterated their one-day-old record by exchanging 236.6 million shares. In the process they drove...
Nonetheless, Wall Street has insisted on going its own way. Since the first week in January, the Dow Jones has fallen almost steadily, from 1286.64 to a low point of 1086.57 on July 24. At each sign of a strong economy, the market seemed to drop defiantly. Economists study a myriad of obscure numbers to discern the state of the economy, but millions of Americans just look to the stock market-and what they saw did not jibe with the Administration's cheerleading. If the economy was so healthy, what was wrong with Wall Street...
Despite the excitement, market watchers were divided on how long the party would last. In the past their predictions have gone wide of the mark. A bull market began almost exactly two years ago on Friday, Aug. 13, when the Dow Jones stood at 776.92. The Dow went upward for ten months, until the middle of 1983, and forecasters confidently predicted it would reach 1400 or 1500. Instead, it then began drifting sideways. This year, while many money managers expected the market to pick up steam again, it sank instead. The price of an average share of stock...
Charles E. Dow...