The Big Shakeout

The bull market, after almost three months of uninterrupted climb, was jolted by the worst shakeout since the start of the Korean war. The first wave of selling struck the market last week, knocked down the Dow-Jones industrial averages 6 points in two days, before the market steadied. This week, another big selling wave struck, tumbled the averages 5.13 points in the first day. For once, there was no mystery about what had upset the market. It was taxes and poor earnings (see below).

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