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Article: Bull market mixes fact and fancy
- Article from:
- THE JOURNAL RECORD
- Article date:
- March 22, 1999
- Author:
CopyrightCopyright 1999 The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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NEW YORK -- Now that the Dow Jones Industrial Average has broken
10,000, it's more tempting than ever to regard the great bull market
in stocks as a flight of fantasy, something utterly unreal.
How can the assets and earning power of corporate America be worth
twice as much today as they were just 3 1/2 years ago, when the Dow
crossed 5,000 for the first time in the fall of 1995? Or three times
as much as their market value seven years ago, when the average
hovered around 3,300 in the early spring of 1992?
That's not even to mention the wacky world of Internet stocks,
where traders seemingly never let mundane worries like "will this
business ever make a profit?" spoil a good story.
"These ...