Bears Are Coming Out Of The Woods

The stock market has begun to resemble that other great American disappointment--Ross Perot. Equities were on a tear just weeks ago, with the Dow Jones industrial average climbing above 3400 to an all-time high in early June. But stocks have seesawed sickeningly since then, as cheerless economic tidings have gnawed away at investor confidence. Opinion is growing on Wall Street that stocks are expected to repeat the kind of listless performance that they endured in 1990--and can be expected to decline, or tread water at best, for the rest of this year.

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